Question

Linda borrowed $22000 from the bank. If the interest rate of the loan is 3.1%, what is the total amount she will have to pay back after 2 years?

Answer 1

Answer:

$23,385.14

Step-by-step explanation:

1.031 = 103.1%. you have the 100% there to keep the initial money loaned and 3.1% for the additional interest

22000*1.031 = 22682 for one year and then multiply by 1.031 again with the new answer (22682) which gives you 23385.142 and round to 2 decimals for cents.