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Popular Word Problems >

If you borrow 1500 for 5 years at an annual interest rate of 5% , what is the total amount of money you will pay back?

Solución

I f yo u b orro w 1500 f or 5 ye a rs a t an ann u a l in t eres t r a t e o f 5%, w ha t i s t h e t o t a l am o u n t o f m o n ey yo u w i ll p a y ba c k ?

Solución

Amount : 1875

Pasos de solución

Translate the problem into an equation:

A = 1500 (1 + 0.05 \cdot 5)

1500 (1 + 0.05 \cdot 5) = 1875

Amount : 1875

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