Samijia E.
asked • 02/22/23Help me! due soon
Margo borrows $1700, agreeing to pay it back with 4% annual interest after 16 months. How much interest will she pay?
Round your answer to the nearest cent, if necessary.
$
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1 Expert Answer
Richard C. answered • 02/22/23
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Confidence-building Algebra 2 tutor with 18 years experience
The total due after 16 months would be 1700(1.04)16/12 = 1791.27
The interest would be 1791.27 - 1700 = 791.27
Bradford T.
Subtraction error. Would this be for compound annually? The problem sounds like it was asking for simple interest. i=Prt.
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02/22/23
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Mark M.
Simple or comound interest?02/22/23