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Popular Word Problems >

if you borrow 1,100 dollars 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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Solution

ifyouborrow1,100dollarsfor9yearsatanannualinterestrateof4%whatisthetotalamountofmoneyyouwillpayback?

Solution

Amount:1496
Solution steps
Translate the problem into an equation:A=1100(1+0.04⋅9)
1100(1+0.04⋅9)=1496
Amount:1496

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