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Popular Word Problems >

if you borrow\$1,040 for 5 years at an annual interest rate of 4% what is the total amount of money you will pay back

Solution

i f yo u b orro w $1, 040 f or 5 ye a rs a t an ann u a l in t eres t r a t e o f 4% 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 : 1248

Solution steps

Translate the problem into an equation:

A = 1040 (1 + 0.04 \cdot 5)

1040 (1 + 0.04 \cdot 5) = 1248

Amount : 1248

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