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Popular Word Problems >

If you borrow $800 for 5 years at an annual interest rate of 8% , what is the total amount of money you will pay back?

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Solution

Solution

Amount:1120
Solution steps
Translate the problem into an equation:A=800(1+0.08⋅5)
800(1+0.08⋅5)=1120
Amount:1120

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