Find the amount paid for the loan.

Question

$2400 at 10.5% for 5 years

Answer 1

if simple interest 2400 + 5 [ 0.105 ] * [ 2400 ] = 2400+1260 = 3660
if compounded yearly 2400 [ 1.105 ]^5 = 3953.87

Answer 2

its not right