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 + i)t $608.33 $729.99 $765.77

Answer 1

P= 500. I = 0.04. t=5. plug those numbers into the formula. So 1.04^5 and multiplying it time 500 and the final answer would be 608.33