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if you borrow\$1,040 for 5 years at an annual interest rate of 4% what is the total amount of money you will pay back

Solution

if you borrow$1, 040 for 5 years at an annual interest rate of 4% what is the total amount of money you will pay back

Solution

Amount : 1248

Solution steps

Translate the problem into an equation:

A = 1040 (1 + 0.04 \cdot 5)

1040 (1 + 0.04 \cdot 5) = 1248

Amount : 1248

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