Question

Mary borrowed $11,000 at 5% interest for 4 years. What was the total interest? A. $22 B. $220 C. $2,200 D. $22,000

Answer 1

$11,000 x 4 x 0.05 = 2200

answer is C. $2,200

Answer 2

A(t) = 11000 ( 1 + 0.05)^4

Your answer comes out to be C