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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 + i)t $608.33 $729.99 $765.77

1 answer:

joja [24]3 years ago

8 0

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

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