Question

If you borrow 900$ for 4 years at an annual interest rate of 5% how much do you end up paying altogether, 25 points

Answer 1

Explanation:

Use the interest formula P rt then add it to P

P = principal (900) r = decimal interest per period ( 5% = .05) t = 4 years

P rt + P = 900 ( .05)(4) + 900 = $ 1080