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3 years ago

What is the total balance for a loan of $400 compounded annually that has a rate of 11% for 4 years

Mathematics

2 answers:

natima [27]3 years ago

7 0

11 percent of 400 is 44, making it 576 dollars

AURORKA [14]3 years ago

4 0

Answer: 579.39

Step-by-step explanation:

P×R×T

400×11%×31/365 to get interest rate per month= 3.737

Total interest- 3.737×12×4= 179.38

Total interest plus principal =Total balance = 579.39

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