mathhelp991 mathhelp991
  • 18-09-2017
  • Mathematics
contestada

$375 is borrowed from a bank that charges 4.25% compounded annually.Calculate the amount of money owed after 3 years

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Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 18-09-2017
The formula is
A=p (1+r)^t
A amount owed?
P amount borrowed 375
R interest rate 0.0425
T time 3years
A=375×(1+0.0425)^(3)
A=424.87

Hope it helps!
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