larrymickry3 larrymickry3

25-10-2021
Mathematics

contestada

Mary borrowed $4,500 to help
pay for college. If the bank
charges a 5.5% annual interest
rate, how much interest will
Mary pay after 4 1/2 years?

Respuesta :

sbeetner33 sbeetner33

25-10-2021

Answer:

1113.75

Step-by-step explanation:

The formula for simple interest is as follows: Simple interest = principal balance x interest rate x term of the loan

P=4500

i= 0.055

t=4.5

multiplying them together we get

1113.75

The reason that this is simple interest is because compound interest increases over time as an exponential

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