SOLUTION: a man borrowed 8480 $ for 4 years at 4% simple interest.how much money he have to save annually to pay his doubt

Algebra ->  Finance -> SOLUTION: a man borrowed 8480 $ for 4 years at 4% simple interest.how much money he have to save annually to pay his doubt       Log On


   

Question 1050515: a man borrowed 8480 $ for 4 years at 4% simple interest.how much money he have to save annually to pay his doubt
Found 2 solutions by jorel555, MathTherapy:
Answer by jorel555(1290) About Me  (Show Source):
You can put this solution on YOUR website!
8480/4=2120
2120 x 1.04=$2204.80 due as payment for loan yearly. ☺☺☺☺

Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!

a man borrowed 8480 $ for 4 years at 4% simple interest.how much money he have to save annually to pay his doubt 
Simple interest for 4 years: $1,356.80

Amount to be repaid in 4 years: $8,480 + 1,356.80 = $9,836.80

Amount he needs to save each year: