Question

A customer borrows $950 at 6% annual interest rate

Answer 1

The total amount the customer would have to repay after one year is $1,007.

(2 Years = $1,067.42) (3 Years = $1131.47) (4 Years = $1199.36)

(5 Years = $1271.32)

Explanation:

$950 • 6% = $57

$950 • 0.06 = $57

$950 + 6% = $1,007

I hope this helps.