Question

You apply for a loan that has an interest rate of 5%, The principal on

the loan is $8000 dollars, and it's compounded continuously. How
much will you have to pay in 4 years?
a. $8900
b. $9771.22
c. $11,893.31
d. $9652.87

Answer 1

5%(8000)=400

400*4=1600

8000+1600=9600

the closest answer is D 9652.87