Answered

At Westonci.ca, we connect you with the answers you need, thanks to our active and informed community. Explore thousands of questions and answers from a knowledgeable community of experts ready to help you find solutions. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

If you borrow 500$ for 6 yeras at an annual interest rate of 7%

Sagot :

Savannahh14

Answer:

after 6 years you owe $250.37 in interest for a total of $750.37

Step-by-step explanation:

-7% of 500 is 35.       the first year you owe $535

-7% of 535 is 37.45    the second year you owe $572.45

-7% of 572.45 is 40.07   the 3rd year you owe $612.52

-7% of 612.52 is 42.88    the 4th year you owe $655.40

-7% of 655.40 is 45.88    the 5th year you owe $701.28

-7% of 701.28 is 49.09    in total you owe $750.37

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.