Wallace took out a 5000 loan for six years. He is being charged 4 percent interest compounded annually. Calculate the total amount he will pay.?

To calculate the total amount Wallace will pay on a $5,000 loan with a 4% annual interest rate compounded annually over six years, we use the formula for compound interest: ( A = P(1 + r)^n ), where ( A ) is the total amount, ( P ) is the principal amount ($5,000), ( r ) is the annual interest rate (0.04), and ( n ) is the number of years (6).

Plugging in the values:

[ A = 5000(1 + 0.04)^6 = 5000(1.265319) \approx 6326.59 ]

Therefore, Wallace will pay approximately $6,326.59 in total.