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Brainliest + Points (please explain)

Calculate the total payback for a $2,500 loan at 9% annual interest for two years.

Use the formula,
M
=
P
m
(
1
+
m
)
n
a
(
1
+
m
)
n
a
−
1
as needed.

A.
$1,021.80

B.
$1,370.52

C.
$2,043.60

D.
$2,741.04

Respuesta :

altavistard

Answer:

$2970.25

Step-by-step explanation:

Please write the formula all on one line:

M = P(1 + r)^n, where P is the principal, r is the annual interest rate as a decimal fraction and n is the number of years.

Here, that comes to:

M = $2,500(1 + 0.09)^2, or

    = $2,500 (1.09)^2, or

M   = $2,500(1.1881), or

M = $2970.25.

$2970.25 will be needed to pay back this $2,500 loan.

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