Question

Find the amount paid for the loan-
$4800 at 9.9% for 4 years

Answer 1

solution

principle:4800

rate:9.9

time:4 years

I:?

amount:?

Explanation:

here

I=p×t×r/100

or,I=4800×4×9.9/100

therefore I=1900

now

amount=1900.8+4800

therefore

amount=6700.8