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Nicole borrowed $550 for five years at 3 percent interest, compounded annually. what is the total amount she will have paid when she pays off the loan?

Nicole borrowed $550 for five years at 3 percent interest, compounded annually. what is the total amount she will have paid when she pays off the loan?
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nicole borrowed $550 for five years at 3 percent interest, compounded annually. what is the total amount she will have paid when she pays off the loan?

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User Phil P
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1 Answer

6 votes
She will have to pay $82.5
550x3%x5=82.5
answered
User Jason Beck
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8.1k points
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