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

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PsychOle asked Sep 23, 2023

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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

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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

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