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alexandr1967 [171]
3 years ago
9

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
Mathematics
2 answers:
Sladkaya [172]3 years ago
8 0
The total amount due in the future (F) for the current loan (P) with compound interest (i) is calculated through the equation,
                                        F = P x (1 + i)^n
where n is the number of years. Substitute to the equation, the values given above,
                                        F = ($500) x (1 + 0.04)^5 = $608.326
Thus, Jenny would pay approximately $608.326. 
Kryger [21]3 years ago
4 0

Answer:

the correct answer would be $608.33

Step-by-step explanation:


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