How much interest will Jesse pay if he borrows $5,000 for 5 years with an interest rate of 8%?

Question

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Answer 1

Simple interest:  I = prt

Compound Interest:  A = p(1+r/n)^nt

 

Which are we using?  And, if compound, is it

annual, semiannual, monthly, quarterly?

 

Your question isn't complete.

 

Simple interest:  I = 5000(.08)(5) = $2000

 

Compound annual:

A = 5000(1+.08/1)¹⁽⁵⁾

A = 5000(1.08)⁵ = $7346.64

I = 7346.64-5000 = $2346.64

 

If it is compound semiannual, n= 2

Compound quarterly, n = 4

Compound monthly, n = 12