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A Man Borrowed $1000\$ 1000 At 10%10 \% Interest Compounded Annually $1100.00\$ 1100.00

Question 12

Multiple Choice

A man borrowed $1000\$ 1000 at 10%10 \% interest compounded annually. If he paid off the loan in full at the end of 6 years, how much did he pay? Round your answer to the nearest cent.


A) $1100.00\$ 1100.00
B) $771.56\$ 771.56
C) $1771.56\$ 1771.56
D) $1600.00\$ 1600.00

Correct Answer:

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