We borrowed $1000 at a 10% annual interest rate. If we did not make a payment for two years, and assuming there is no penalty for non-payment, how much do we owe now? Assign the result to a variable called debt.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter2: Linear Equations
Section2.1: Writing Equations
Problem 29PPS
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We borrowed $1000 at a 10% annual interest rate. If we did not make a payment for two years, and assuming there is no penalty for non-payment, how much do we owe now?
Assign the result to a variable called debt.
Transcribed Image Text:We borrowed $1000 at a 10% annual interest rate. If we did not make a payment for two years, and assuming there is no penalty for non-payment, how much do we owe now? Assign the result to a variable called debt.
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