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Popolare Word Problems >

If you borrow 1100 for 9 years at an annual interest rate of 4% , what is the total amount of money you will pay back?

Soluzione

I f yo u b orro w 1100 f or 9 ye a rs a t an ann u a l in t eres t r a t e o f 4%, w ha t i s t h e t o t a l am o u n t o f m o n ey yo u w i ll p a y ba c k ?

Soluzione

Amount : 1496

Fasi della soluzione

Translate the problem into an equation:

A = 1100 (1 + 0.04 \cdot 9)

1100 (1 + 0.04 \cdot 9) = 1496

Amount : 1496

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