Question

I need help please-

question: if you borrow $1500 for 5 years at an annual interest rate of 5%, what is the total amount of money you'll have to pay back?

Answer 1

Explanation:

first, you have to find the interest.

formula: Principal × Rate × Time ÷ 100

Principal - $1500

Rate - 5%

Time - 5 yrs

I=PRT÷100

= $1500 × 5% × 5yrs ÷ 100

= 1500 × 5 × 5÷ 100

= 37500 ÷ 100

= $ 375

That's the interest.

Amount = Principal + Interest

= $ 1500 + $375

=$ 1875

That's the total amount you'll have to pay back.