Question

Jenny borrowed $500 for five years at 4 percent interest, compounded annually. What is the total amount she will have paid when she pays off the loan?

Answer 1

The total amount due in the future (F) for the current loan (P) with compound interest (i) is calculated through the equation,
                                        F = P x (1 + i)^n
where n is the number of years. Substitute to the equation, the values given above,
                                        F = ($500) x (1 + 0.04)^5 = $608.326
Thus, Jenny would pay approximately $608.326.

Answer 2

the girl jenny would pay around $608.32.

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