If you borrow $700 for 5 years at
1 answer:
The amount you would pay altogether if you borrow $500 for 5 years at
an annual interest rate of 7% is $945.
<h3>How much would you pay altogether?</h3>
The amount you would pay altogether is the sum of the amount borrowed and the interest.
Total value of the debt = interest + amount borrowed
Interest = $700 x 7% x 5 = $245
Total value of the debt = $245 + $700 = $945
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