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You apply for a loan that has an interest rate of 5%, The principal on the loan is $8000 dollars, and it's compounded continuously. How much will you have to pay in 4 years? a. $8900 b. $9771.22 c. $11,
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22 votes
22 votes
You apply for a loan that has an interest rate of 5%, The principal on

the loan is $8000 dollars, and it's compounded continuously. How
much will you have to pay in 4 years?
a. $8900
b. $9771.22
c. $11,893.31
d. $9652.87

User Feyzi Bagirov
by
2.6k points

1 Answer

18 votes
18 votes

5%(8000)=400

400*4=1600

8000+1600=9600

the closest answer is D 9652.87

User Cathyjo
by
3.2k points
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