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OpenStudy (anonymous):
Suppose a bank loans $4,500 at an interest rate of 5.5% compounded annually. Find the total amount of interest owed on the loan after 6 years. A. $247.50 B. $1485.00 C. $1704.79 D. $2475.00
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OpenStudy (anonymous):
I think A. if not right sorry lol
OpenStudy (cj49):
Remember the formula for compound interest is A=P(1+r/100)^t Where A stands for Amount, P stands for Principal/Loan, R stands for Rate and T stands for time
OpenStudy (anonymous):
Im thinking its C for some reason
OpenStudy (anonymous):
*calculating*
OpenStudy (cj49):
4500(1+5.5/100)^6=?
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OpenStudy (cj49):
6204-4500=?
OpenStudy (anonymous):
I knew it! it's C!
OpenStudy (cj49):
lol....yes thats the ans
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