Jenny borrowed $500 for five years at 4 percent interest, compounded annually. what is the total amount she will have paid when she pays off the loan?

The total amount due in the future (F) for the current loan (P) with compound interest (i) is calculated through the equation,
                                        F = P x (1 + i)^n
where n is the number of years. Substitute to the equation, the values given above,
                                        F = ($500) x (1 + 0.04)^5 = $608.326
Thus, Jenny would pay approximately $608.326.

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