140k views
1 vote
What is the total paid back on a loan of $1,500 with an interest rate of 3.74% for 2 years?

User Letisha
by
4.0k points

2 Answers

4 votes

Answer:

1,500 x 1.0374^2 = 1614.29814

=$1613.30

Explanation:

User Jagershark
by
3.6k points
0 votes

Answer:

1612.2

Explanation:

3.74% × 2 = 7.48%

1500 + 7.48% = 1612.2

User Rutix
by
3.9k points