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If you borrow $500 at 5% for two years, how much will you pay backboy the end of the term?
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3 votes
If you borrow $500 at 5% for two years, how much will you pay backboy the end of the term?

User Roee E
by
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1 Answer

4 votes
  • Principal=P=500
  • Rate of interest=R=5%
  • Time=T=2

Interest be I

  • I=PRT/100
  • I=500(5)(2)/100
  • I=5²(2)
  • I=25(2)
  • I=$50

Total:-

  • P+I
  • 500+50
  • $550
User Chris Conley
by
8.4k points
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