Question

At a rate of 4%, you paid $144.00 in interest over a two-year period. What was the original amount of your loan?

A. $2,250.00
B. $2,000.00
C. $1,800.00
D. $2,550.00

Answer 1

C. $1,800.00
FV=1800*(1+0.04*2)=1944