If you borrow $5,000 with 4% interest compounded annually, how much total interest do you need to pay after 2 years?
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Answer:
THE Ans is.$4000
Explanation:
Principal= $5,000
Rate = 4%
Time = 2 years
Interest = PRT/100
= 5000*4*2/100
= $ 4000
Answered by
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Explanation:
Formula of compound interest = p(1+r/100)¹
p - principal
r- rate percent
1- time
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