Question

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

Answer 1

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!