Answer:
the money required to pay back to the bank for the loan is $7,002
Step-by-step explanation:
The computation of the money required to pay back to the bank for the loan is given below:
= Principal × (1 + rate of interest)^number of years
= $4,000 × (1 + 0.0725)^8
= $4,000 × 1.0725^8
= $7,002
Hence, the money required to pay back to the bank for the loan is $7,002
