I borrowed $25,000 for 5 years at a 5% interest. What was the total interest?
A. $6,250
B. $12,500
C. $5,500
D. $5,450

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Today at 7:57 AM
Mathematics

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I borrowed $25,000 for 5 years at a 5% interest. What was the total interest?
A. $6,250
B. $12,500
C. $5,500
D. $5,450

Answer :

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Yiyi123 Yiyi123 · Answer 1 · 2025-04-03T08:02:08-04:00

Yiyi123 Yiyi123

Today at 8:02 AM

Answer:

$6250

Step-by-step explanation:

Hope the picture will help you.....

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CATMONSTER2018 CATMONSTER2018 · Answer 2 · 2025-04-03T08:01:47-04:00

Answer:

A. 6,250

Step-by-step explanation:

Adding 5% is the same as multiplying a number by 1.05.

So...

25,000 x 1.05 = 26,250

then

26,250 x 1.05 = 27562.50

then

27562.50 x 1.05 = 28940.625

then

28940.625 x 1.05 = 30387.65625

then finally:

30387.65625 x 1.05 = 31907.0390625

Now to find the total intrest, subtract 25000 from 31907.0390625

Which is: 6907.0390625

And because you are talking about money, it must be rounded to the nearest 100ths place.

So the final amount is 6907.04

In this case, the closest answer would be

A. 6,250

I borrowed $25,000 for 5 years at a 5% interest. What was the total interest? A. $6,250 B. $12,500 C. $5,500 D. $5,450

Answer :

Other Questions

I borrowed $25,000 for 5 years at a 5% interest. What was the total interest?
A. $6,250
B. $12,500
C. $5,500
D. $5,450