khma0290 khma0290
  • 01-03-2021
  • Mathematics
contestada

If you borrow 500$ for 6 yeras at an annual interest rate of 7%

Respuesta :

Savannahh14
Savannahh14 Savannahh14
  • 01-03-2021

Answer:

after 6 years you owe $250.37 in interest for a total of $750.37

Step-by-step explanation:

-7% of 500 is 35.       the first year you owe $535

-7% of 535 is 37.45    the second year you owe $572.45

-7% of 572.45 is 40.07   the 3rd year you owe $612.52

-7% of 612.52 is 42.88    the 4th year you owe $655.40

-7% of 655.40 is 45.88    the 5th year you owe $701.28

-7% of 701.28 is 49.09    in total you owe $750.37

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