SOLUTION: If $5000 is borrowed from a bank with an interest rate of 10% per annum, how much money would be repaid after 2 years?

SOLUTION: If $5000 is borrowed from a bank with an interest rate of 10% per annum, how much money would be repaid after 2 years?

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Question 1162862: If $5000 is borrowed from a bank with an interest rate of 10% per annum, how much money would be repaid after 2 years?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
with simple interest
I=5000*0.10*2=$1000, and that is the interest.
$6000 needs to be repaid.
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