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2 years ago

If you borrow $700 for 5 years at

Mathematics

1 answer:

Otrada [13]2 years ago

4 0

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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