Question

You get a student loan from the New Mexico educational assistance foundation to pay for your educational expenses this year . Find the interest on the loan if you borrowed $5,000 at 5% interest for 1 year.

Answer 1

the interest gathered on the loan is $250

Explanation:

5% interest on $5,000 for one year would be $250

the total amount wlike be $5250 but the question seems to only ask for the interest

convert 5% to a decimal to multiply to find interest

0.05•5000 gives us the interest for the year

hope this helps <3