Question

Tyler borrowed $2,000 at an 11.5% simple interest rate. What is the total amount Tyler will pay back at the end of 5 years?​

Answer 1

Answer: $3,150.00

Explanation:

`Formula: A=P(1+rt)`

Where;

A = amount

P = principal ($2,000)

r = rate (11.5% or 0.115)

t = time (5 years)

Plug this into the formula

`A=(2000)(1+(0.115)(5))\\A=(2000)(1+0.575)\\A=(2000)(1.575)\\A=3150`