Answer :

Problem 1

The given info we have is...

  • P = 8000 dollars is borrowed (this is the principal)
  • r = 0.04 is the decimal form of 4% interest rate
  • t = 5 years have gone by

Plug those values into the formula to get the following:

B = P*(1+r)^t

B = 8000*(1+0.04)^5

B = 9733.2232192

B = 9733.22 when rounding to the nearest cent

B = 9733 when rounding to the nearest dollar

Answer: 9733

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Problem 2

We take the result of the previous problem and subtract off the principal to get the amount of interest

I = B - P

I = 9733 - 8000

I = 1733

Answer: 1733
answer is 1733
Good luck!

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