correct so it is equal to
500 * (1+0.04)^5
Now solve
enny borrowed $500 for five years at 4 percent interest, compounded annually. What is the total amount she will have paid when she pays off the loan?
total amount = P (1 + i)t
2 answers
Jenny borrowed $500 for five years at 4 percent interest, compounded annually. What is the total amount she will have paid when she pays off the loan?
total amount = P (1 + i)t
total amount = P (1 + i)t
1 answer