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Tom borrowed $2,000 at an 11.5% simple interest rate for 5 years. What is the total amount Tom will pay back at the end of 5 years? A $1,150 B $2,050 C 2,230 D. 3,150
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5 votes
Tom borrowed $2,000 at an 11.5% simple interest rate for 5 years. What is the total amount Tom will pay back at the end of 5 years?

A $1,150
B $2,050
C 2,230
D. 3,150

User Vnuk
by
5.6k points

2 Answers

4 votes
A $1,150 that would be the answer
User Sincere
by
6.3k points
3 votes
The total amount will be A. 1,150.


11.5 x 2000 x 5

.115 x 2000 x 5 = 1150
User Milos
by
5.7k points
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