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Popular Word Problems >

If you borrow 2000 for 7 years at an annual interest rate of 15% , what is the total amount of money you will pay back?

Solution

I f yo u b orro w 2000 f or 7 ye a rs a t an ann u a l in t eres t r a t e o f 15%, 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 : 4100

Solution steps

Translate the problem into an equation:

A = 2000 (1 + 0.15 \cdot 7)

2000 (1 + 0.15 \cdot 7) = 4100

Amount : 4100

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