I could really use some help rn help please !!
1 answer:
You might be interested in
Answer:
The balanced amount is $3130.25.
Step-by-step explanation:
Given : Lily provider a loan of $2500 to David that had an annual interest rate of 4.6%.
To find : The balance after 5 years if it compounded yearly ?
Solution :
Using compound interest formula,
Where, P=$2500 is the principal
r=4.6%=0.046 is the interest rate
t=5 years
Substitute the values,
Therefore, the balanced amount is $3130.25.