ECONOMICS
COMPOUND INTEREST
Question
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Jia Yang borrowed $4500 from the bank at simple interest rate of 4% per annum for 2 years. Calculate the amount of interest she has to pay the bank.

$360


$4300


$4860


$340

Explanation:
Detailed explanation1: AI Recommended Answer: the end of one year is P120, 000.
Detailed explanation2: What is the present value of ₱5, 275 due in 6 months if 11% interest is paid? The present value is ₱95.91.
Detailed explanation3: What is Approximate time if the term of the loan is 1 year, 2 months and 3 days? 426 days.
There is 1 question to complete.