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3500 borrowed over 5 years with a interest rate of 4%
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3500 borrowed over 5 years with a interest rate of 4%

User Sebass Van Boxel
by
7.9k points

2 Answers

3 votes

end of 1 year is 3640

User Erick T
by
8.2k points
5 votes
Answer is 700
Eplanation: convert the R percent to r a decimal r=R/100=4%/100=0.04 per year, then, solving your equation I=3500*0.04*5=700
I=700
User Carlost
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8.1k points
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