Multiply by 4,subtract 5, find the input when the output is 29
1 answer:
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Answer:
(D)$2079.23
Step-by-step explanation:
If I borrowed $11,250 from the bank to buy a used car. You will pay the bank back in 5 years with 3.45% interest compounded annually, then:
Principal=$11,250
Time=5 years
Rate=3.45%
Since it is compounded annually, our compound interest will be derived using this formula:
Interest=Amount at the end of 5 years - Principal
where:
Amount,
Therefore our Interest=13329.23-11250 =$2079.23