QuestionCaden takes a \$15,000 loan at 3.5\% interest, compounded monthly, to be paid in 5 years. What is the total amount paid?

Studdy Solution
Calculate the total amount Caden will pay over the course of the loan.
$$Total\, amount = \$271.53 \\times60 = \$16,291.80$$Caden will pay a total of $16,291.80 over the course of the loan.