Question

If you borrow $5,000 to remodel a home at 5% interest rate, what is the principal?

Answer 1

Answer:

The principal would be $ 5000.

Step-by-step explanation:

Since, the principal is the initial amount of a loan or we can say that the borrowed amount is called principal amount of a loan,

Given,

$5,000 was borrowed to remodel a home at 5% interest rate,

Thus, the borrowed amount = $ 5000

⇒ Principal amount = $ 5000

Hence, first option is correct.

Answer 2

you would end up paying $4,750

but the answer is A) $5000

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