Ask Question
25 April, 04:21

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

+5
Answers (2)
  1. 25 April, 06:26
    0
    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
  2. 25 April, 07:41
    0
    11 percent of 400 is 44, making it 576 dollars
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “What is the total balance for a loan of $400 compounded annually that has a rate of 11% for 4 years ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers