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If you borrow $1,100 for 9 years at an annual interest rate of 4% , what is the total amount of money you will pay back?

If you borrow $1,100 for 9 years at an annual interest rate of 4% , what is the total amount of money you will pay back?
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If you borrow $1,100 for 9 years at an annual interest rate of 4% , what is the total amount of money you will pay back?

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User Jonny Rimek
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8.2k points

1 Answer

1 vote
I believe the answer is: 1,496.
Steps:
First find the interest rate per year:
1,100x4% or 1,100x0.04= 44
Then times the interest rate per year with the 9 years:
9x44=396
Final step: ( Add the interest rate with the money owed ) :
1,100+396=1496
answered
User MyStackRunnethOver
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9.0k points
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