Question

HELP LeShana loaned Deena $480. Deena paid the money back with a simple interest of 5% at the end of 2 years. How much money did Deena pay back?

Answer 1

FV= $528

Explanation:

Giving the following information:

Loan (P)= $480

Number of years (n)= 2 years

Simple interest (i)= 5% per year

To calculate the amount of money that Deena paid is calculated using the following formula:

FV= P*r*t + P

FV= 480*0.05*2 + 480

FV= $528