Question

Ariane borrows 500 on a 2 year loan she is charged 5 percent simple interest per year how much interest is she charged for 2 years what is the total amount she has to pay back?

Answer 1

She gotta pay $550 or $551.25.

Explanation:

To find percent, u gotta multiply 500 by .05, since it's 5 percent, nd 5 percent is .05. When I did that, I got 25, nd 25 is for one year, but u wanna kno for two years, so 25 + 25 is 50. $500 + $50 is $550.

After one year, the total price is $525, so Ian kno if u was supposed to do %5 of $525, but ehrn I did I got $551.25.

Ion really kno nun bout interest rates, but I kno one of these answers is right.