loganstow loganstow

23-02-2020
Mathematics

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What is the total balance for a loan of $400 compounded annually that has a rate of 11% for 4 years

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tolaosunrinde tolaosunrinde

23-02-2020

Answer: 579.39

Step-by-step explanation:

P×R×T

400×11%×31/365 to get interest rate per month= 3.737

Total interest- 3.737×12×4= 179.38

Total interest plus principal =Total balance = 579.39

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KaiChan KaiChan

23-02-2020

11 percent of 400 is 44, making it 576 dollars

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