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Suppose Aldo borrows $5500 at an interest rate of 9% compounded each year assume that no payments are made on the loan how much money is owed at the end of one year and how much money is owed at the end
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Suppose Aldo borrows $5500 at an interest rate of 9% compounded each year assume that no payments are made on the loan how much money is owed at the end of one year and how much money is owed at the end of two years

User Justin Ryder
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2 Answers

2 votes

Answer:

$11,990.

Explanation:

the person above me is correct ^^

User Kimbluey
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8.1k points
4 votes
11,990

9% of 5500 is 495
(495+5500) [one year] x 2 [two years] = $11,990

At the end of 2 years, Aldo will owe $11,990.
User Roeland Werring
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