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Popular Word Problems >

if you borrow \$1,000 for 4 years at an annual interest rate of 8%, what is the total amount of money you will pay back?

Solution

i f yo u b orro w $1, 000 f or 4 ye a rs a t an ann u a l in t eres t r a t e o f 8%, w ha t i s t h e t o t a l am o u n t o f m o n ey yo u w i ll p a y ba c k ?

Solution

Amount : 1320

Solution steps

Translate the problem into an equation:

A = 1000 (1 + 0.08 \cdot 4)

1000 (1 + 0.08 \cdot 4) = 1320

Amount : 1320

Popular Examples

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