Register

Ms. Lee takes out a loan to start a business. She borrows $5,000 of a simple annual interest rate of 6. 5% for 5 years. What is the total amount of interest Ms Lee must pay

Ms. Lee takes out a loan to start a business. She borrows $5,000 of a simple annual interest rate of 6. 5% for 5 years. What is the total amount of interest Ms Lee must pay
asked 139k views
17 votes
Ms. Lee takes out a loan to start a business. She borrows $5,000 of a simple annual interest rate of 6. 5% for 5 years. What is the total amount of interest Ms Lee must pay

asked
User Lisa Ta
by
8.5k points

1 Answer

6 votes

Answer:

A = $6,625.00

Explanation:

A = P(1 + rt)

A = 5000(1 + (0.065 × 5)) = 6625

answered
User Rajeev Bera
by
8.8k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!