Question

Find the interest due on $1,090 at 8% for 5 years.

43.60
68.13
436.00
681.25

Answer 1

total amount owed = P(1+r)^t
must subtract the principal from this if we just want the interest

so P(1+r)^t - P
plug in your principal (1090), your rate of interest (0.08) and your time (5 years)