If you borrow $700 for 5 years at an annual interest rate of 7%, and the loan requires you to make equal monthly payments, then the total amount you will pay back depends on the type of loan and payment schedule. Assuming a simple interest loan with equal monthly payments, you will pay a total of $814.20 over the course of the loan.
This calculation is based on the following assumptions:
The interest rate is simple interest, meaning that it is applied only to the principal amount of the loan.
The loan has a fixed interest rate for the entire term.
The loan requires you to make equal monthly payments, which include both principal and interest.
So, if you borrow $700 for 5 years at an annual interest rate of 7%, and you make equal monthly payments over the term of the loan, you will pay a total of $814.20.