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Bob borrowed $70 at 3.75% interest annually for 5 years. How much money will Bob have to pay?
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Bob borrowed $70 at 3.75% interest annually for 5 years. How much money will Bob have to pay?

User Kevin Gosse
by
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2 Answers

6 votes

Answer:84.14698639

Explanation:

70*(1.0375)^5

=84.14698639

User Hlorand
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7.4k points
8 votes
r = R/100 = 3.875%/100 = 0.03875 per year. The total amount accrued, principal plus interest, from simple interest on a principal of $10,000.00 at a rate of 3.875% per year for 5 years is $11,937.50.
User Barg
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