Answer:
FV= $528
Step-by-step explanation:
Giving the following information:
Loan (P)= $480
Number of years (n)= 2 years
Simple interest (i)= 5% per year
To calculate the amount of money that Deena paid is calculated using the following formula:
FV= P*r*t + P
FV= 480*0.05*2 + 480
FV= $528
