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: (Points : 1)

Answer 1

Add the interest to the principal.

I = PRT

I = 60,000 * 0.08 * 8