Question

Bob takes a loan of 7,000 on 5% interest rate for 5 years

Answer 1

$1750

Explanation:

($7,000/ 100) * 5 = $350(interest) * 5= $1750

Answer 2

5 years of interest would be $1,750

Explanation:

not sure what you are looking for as far as an answer, but if you are charging 5% interest every year for 5 years the total would be $1750 because each year the interest charge would be $350....This would make your total loan for 5 years $8,750