Answer:
He will have to pay $1,650 in interest at the end of 3 years.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
![E = P*I*t](https://tex.z-dn.net/?f=E%20%3D%20P%2AI%2At)
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
After t years, the total amount of money is:
![T = E + P](https://tex.z-dn.net/?f=T%20%3D%20E%20%2B%20P)
Anvi borrowed $5,000 from a bank at a flat interest rate of 11% per year for a 3-year period.
This means that ![P = 5000, I = 0.11, t = 3](https://tex.z-dn.net/?f=P%20%3D%205000%2C%20I%20%3D%200.11%2C%20t%20%3D%203)
How much interest does she have to pay the bank at the end of 3 years?
![E = P*I*t = 5000*0.11*3 = 1650](https://tex.z-dn.net/?f=E%20%3D%20P%2AI%2At%20%3D%205000%2A0.11%2A3%20%3D%201650)
He will have to pay $1,650 in interest at the end of 3 years.