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Sandra borrowed $38 000 for 5 years from a bank, which charges a compound interest rate of 2% per year. How much will Sandra have to pay back in 5 years?
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Sandra borrowed $38 000 for 5 years from a bank, which charges a compound interest

rate of 2% per year. How much will Sandra have to pay back in 5 years?

User Tech
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4.1k points

2 Answers

11 votes
Hope it helps….. Ans is $41955.07
Sandra borrowed $38 000 for 5 years from a bank, which charges a compound interest-example-1
User Opy
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3.9k points
10 votes
Divide 38,000 by 5 then that gives u 7,600 then u know that every year there are 365 days,so divide that by 5 gives u 73,find 2% of 73.
User John Lockwood
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4.4k points
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