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21-10-2020
Mathematics

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I NEED YOUR HELP ASAP

Keila takes out a loan from the bank for $800. She has to pay it back with 4.5% simple interest for the next 4 years. How much interest will she end up paying?

Respuesta :

21-10-2020

Answer:

Assuming the interest is annual, 154.01

Step-by-step explanation:

Year 1:

800+(800*4.5)=836

Year 2:

836+(836*4.5)=873.62

Year 3:

873.62+(873.62*4.5)=912.9329

Year 4:

912.9329+(912.9329*4.5)=954.0148805

Rounded = 954.01

954.01 - 800 = 154.01

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