Ms. Lee takes out a loan to start a business. She borrows $5,000 of a simple annual interest rate of 6. 5% for 5 years. What is the total amount of interest Ms Lee must pay

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Tags
Categories
Ask a Question

PsychOle asked Sep 23, 2023

247,837 views

15 votes

Ms. Lee takes out a loan to start a business. She borrows $5,000 of a simple annual interest rate of 6. 5% for 5 years. What is the total amount of interest Ms Lee must pay

Mathematics
high-school

PsychOle asked Sep 23, 2023

by PsychOle

2.4k points

0 Comments

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Your answer

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

1 Answer

5 votes

Answer:

A = $6,625.00

Explanation:

A = P(1 + rt)

A = 5000(1 + (0.065 × 5)) = 6625

Mateusz Szlosek answered Sep 30, 2023

by Mateusz Szlosek

2.8k points

0 Comments

Your comment on this answer:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Ask a Question

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

0 Comments

Your comment on this question:

Your answer

1 Answer

0 Comments

Your comment on this answer:

Other Questions