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Popular Word Problems >

if you borrow 400 for 5 years at an annual interest rate of 3%, what is the total amount of money you will pay back?

Solution

i f yo u b orro w 400 f or 5 ye a rs a t an ann u a l in t eres t r a t e o f 3%, 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 : 460

Solution steps

Translate the problem into an equation:

A = 400 (1 + 0.03 \cdot 5)

400 (1 + 0.03 \cdot 5) = 460

Amount : 460

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