Ons: Practice Question 2 of 5
The expression below represents the amount owed on a loan over t years.
1,550(1.042)
Interpret the meaning of the expression.
O The initial loan amount is $1,550, and the interest growth rate is 1.042% per year.
The initial loan amount is $1,042, and the interest growth rate is 55% per year.
The initial loan amount is $1,042, and the interest growth rate is 1.55% per year.
The initial loan amount is $1,550, and the interest growth rate is 4.2% per year.