Question

$2000 was borrowed for 4 years with an interest rate of 3% compounded annually. What is the total amount owed at the end of the 4 years.

Answer 1

i dont know srry i am stuck also

Answer 2

$251.02

Explanation:

I = P 0 r t

A = P 0 + I = P0 + P 0 r t = P 0 ( 1 + r t )

I is the interest

A is the end amount: principal plus interest

P 0 is the principal (starting amount)

r is the interest rate in decimal form

t is time