Question

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+1)

Answer 1

Answer:

She will have to pay $600 dollars in 5 years

Step-by-step explanation:

So first you would multiply 500 by .04 which would be 20

Then you would multiply 20 by 5 which would be 100

Then you would add the money you borrowed as well and the interest so that would be 600

So therefore you would have to pay $600 dollars in 5 years