en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

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?

Solution

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 ?

Solution

Amount : 1875

Solution steps

Translate the problem into an equation:

A = 1500 (1 + 0.05 \cdot 5)

1500 (1 + 0.05 \cdot 5) = 1875

Amount : 1875

Popular Examples

If 300 is invested at an interest rate of 5.5% per year, find the amount of the investment at the end of 15 years The sum of 5 consecutive integers is 120:What is the third number in this sequence?Alexa opened a savings account and deposited 800.00. The account earns 5% interest, compounded annually. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?if man deposits 6000 in a bank account which pays 5 percent in a year. find the value of his deposit after 4 years Ayana puts 6,000.00 into an account to use for school expenses. The account earns 1% interest, compounded quarterly. How much will be in the account after 8 years?