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18 October, 09:26

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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Answers (2)
  1. 18 October, 09:39
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    11 percent of 400 is 44, making it 576 dollars
  2. 18 October, 09:49
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    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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