Margo borrows $2000, agreeing to pay it back with 7% annual interest after 17 months. How much interest
1 answer:
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Answer:
A) 1790.85
Step-by-step explanation:
Hi there!
In order to solve this problem, you’ll need to use the compound interest formula
p will be your principle, or starting amount, which is 1,000.
r will be your percentage, which is 0.06.
n will be the amount of times interest is compounded, since this question says compounded anually, your compound will be 1.
t is the time in years it is compounded, which is 10.
When the numbers are plugged in, we get
When we solve for this, we get 1790.85.
Hope this helps! :)