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Popular Word Problems >

if you borrow 2,500 dollars for 4 years at an annual interest rate of 9% what is the total amount of money you will pay back?

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Solution

ifyouborrow2,500dollarsfor4yearsatanannualinterestrateof9%whatisthetotalamountofmoneyyouwillpayback?

Solution

Amount:3400
Solution steps
Translate the problem into an equation:A=2500(1+0.09⋅4)
2500(1+0.09⋅4)=3400
Amount:3400

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