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Mary borrowed $11,000 at 5% interest for 4 years. What was the total interest? A. $22 B. $220 C. $2,200 D. $22,000

Mary borrowed $11,000 at 5% interest for 4 years. What was the total interest? A. $22 B. $220 C. $2,200 D. $22,000
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2 votes
Mary borrowed $11,000 at 5% interest for 4 years. What was the total interest? A. $22 B. $220 C. $2,200 D. $22,000

User Gelupa
by
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2 Answers

6 votes
A(t) = 11000 ( 1 + 0.05)^4

Your answer comes out to be C
User Zugaldia
by
8.1k points
5 votes
$11,000 x 4 x 0.05 = 2200

answer is C. $2,200
User Bbholzbb
by
8.1k points
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