Mathematics, 21.11.2019 06:31, elpancho755
Ariane borrows $400 on a 4-year loan. she is charged 5% simple interest per year . how much interest is she charged for 4 years? what is the total amount she has to pay back?
Answers: 1
, where FV is future value, PV present value, n the amount of periods and i the interest rate.In this particular case, the present value of the loan is $400, n=4 (4 years), i=5%. Then the future value equals: 
. Then FV= $480, which is the total amount of money she would have to return in 4 years.The interest paid can be calculated as the total amount paid ($480) minus the inicial loan ($400), which means that total interests paid= FV- PV= $80.
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Ariane borrows $400 on a 4-year loan. she is charged 5% simple interest per year . how much interest...
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