Mathematics

7 August, 02:48

A bank offers a loan for $8,000 which earns 4.25% interest compounded annually. What is the correct formula to determine how much someone would owe the bank if they took out this $8,000 loan for 5 years?

A A = 8,000 (0.0425) (5)

B A = 8,000 (1 + 0.0425) 5

C A = 8,000 (0.0425) 5

D A = 8,000 (1 - 0.0425) 5

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