Rohan borrows $10,000 from a small business lender to start a restaurant. The term (length) of the loan is 5 years, and the interest rate is 6% (i.e., 6% of the value of the loan is paid each year in interest). How much money will Rohan repay at the end of the fifth year?

Answer rating: 100% (QA)

To calculate the total repayment amount including both the principal and interest we can use the fo... View the full answer