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Popular >

if you borrow \$1,000 for 4 years at an annual interest rate of 8%, what is the total amount of money you will pay back?

Solution

if you borrow $1, 000 for 4 years at an annual interest rate of 8%, what is the total amount of money you will pay back?

Solution

Amount : 1320

Solution steps

Translate the problem into an equation:

A = 1000 (1 + 0.08 \cdot 4)

1000 (1 + 0.08 \cdot 4) = 1320

Amount : 1320

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