Jill Ley took out a loan to pay for her child's education for $60,000. The loan would be repaid at the end of 8 years in one payment with an interest of 6 percent. The total amount Jill has to pay back at the end of the loan is:

Answer 1

Interest = principal * rate * time

I = 60,000 * 0.06 * 8

I = 28,800

60,000 + 28,800 = ?

Answer 2

88,800