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Popular Word Problems >

If you borrow $550 for 2 years at an annual interest rate of 5% , what is the total amount of money you will pay back?

Solution

Solution

Amount : 605

Solution steps

Translate the problem into an equation:

A = 550 (1 + 0.05 \cdot 2)

550 (1 + 0.05 \cdot 2) = 605

Amount : 605

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