Question

You borrowed $200 from a friend. He asked you to pay $2 each month for 2 years.

A. What is the total amount you pay after 2 years?
B. What is the annual rate of interest your friend is charging you?

Answer 1

48$ and -110.842%

Explanation:

A=48$

It=48$ because your paying 2$ for 2 years so 1 year=12 months so 2$=1 month so in 12 months he gets 24$ and then for another year he get's another 24$

24 + 24=48$.

B= -110.842%

it= -110.842.

Hope it helps have a great day:)