2 years ago

3500 borrowed over 5 years with a interest rate of 4%

2 answers:

SOVA2 [1]2 years ago

8 0

end of 1 year is 3640

6 0

Answer is 700
Eplanation: convert the R percent to r a decimal r=R/100=4%/100=0.04 per year, then, solving your equation I=3500*0.04*5=700
I=700

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