Bob borrowed $70 at 3.75% interest annually for 5 years. How much money will Bob have to pay?

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asked Nov 15, 2023 123k views

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Barg · Answer 1 · 2023-11-19T13:30:03+0000

r = R/100 = 3.875%/100 = 0.03875 per year. The total amount accrued, principal plus interest, from simple interest on a principal of $10,000.00 at a rate of 3.875% per year for 5 years is $11,937.50.

Bob borrowed $70 at 3.75% interest annually for 5 years. How much money will Bob have to pay?

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