Eli has a loan of $3500. This loan charges 5% interest compounded annually. What is the amount of interest that Eli will be charged on this loan at the end of four years? (Round to the nearest cent)

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asked Nov 2, 2023 83.3k views

1 vote

Eli has a loan of $3500.

This loan charges 5% interest
compounded annually. What is the
amount of interest that Eli will be
charged on this loan at the end of
four years?
(Round to the nearest cent)

Eli has a loan of $3500. This loan charges 5% interest compounded annually. What is-example-1

Mathematics
high-school

Mortysporty asked

by Mortysporty

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1 Answer

3 votes

Answer: 700

Step-by-step explanation:
3,500 x 5 over 100 = 175
175 x 4 = 700

Mathias Rav answered Nov 7, 2023

by Mathias Rav

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