Answered

Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

You borrow $20,500 from a bank that charges an interest rate of 9.5%. After 5 years, what is the total amount that you will have to pay back?

Sagot :

Answer:

the total amount that should have to pay back is $30,237.50

Step-by-step explanation:

The computation of the total amount that should have to pay back is as follows:

Amount = Simple interest + borrowed amount

= ($20,500 × 9.5% × 5) + $20,500

= $9,375.50 + $20,500

= $30,237.50

hence, the total amount that should have to pay back is $30,237.50

We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.