Question

If you borrow $500 at 5% for two years, how much will you pay back by the end of the term​

Answer 1

Step-by-step explanation:

principal=$500

rate =5%

time=2yrs

• Simple interest=p×r×t

100

S.i=500×5×2

100

S.i=$50

Amount=principal +interest

Amount=500+50

Amount=$550

At the end of the term we have to pay back of $ 550