Tyler borrowed $2,000 at an 11.5% simple interest rate. What is the total amount Tyler will pay back at the end of 5 years?​

Question

Tyler borrowed $2,000 at an 11.5% simple interest rate. What is the total amount Tyler will pay back at the end of 5 years?​

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Jasmine 1 month 2021-10-21T00:54:40+00:00 1 Answer 0 views 0

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    2021-10-21T00:56:36+00:00

    Answer: $3,150.00

    Step-by-step explanation:

    Formula: A=P(1+rt)

    Where;

    A = amount

    P = principal ($2,000)

    r = rate (11.5% or 0.115)

    t = time (5 years)

    Plug this into the formula

    A=(2000)(1+(0.115)(5))\\A=(2000)(1+0.575)\\A=(2000)(1.575)\\A=3150

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