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notka56 [123]
3 years ago
8

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)
Mathematics
1 answer:
Gennadij [26K]3 years ago
4 0

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

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