Question

If you borrow $2400 for four years at an annual interest rate for 6% how much will you pay all together

Answer 1

$3029.94

Explanation:

We can use the simple interest rate (appreciation) equation: A = P(1 + r)^t

Simply plug in our variables to find our answer:

A = 2400(1 + 0.06)^4

And we should get 3029.94 as our answer!