Question

You borrowed $59,000 for 2 years at 11% which was compounded annually. What

total will you pay back?

Answer 1

$72693.9

Explanation:

To get this answer you need to use the compound interest formula, which will be A=P(1+r/n)^n(t). P=59,000 r=11%=0.11 n=1 (annually) t=2 years. From there you should be able to figure the rest out and get the answer. Hope this helps!