Question

Bob borrowed $70 at 3.75% interest annually for 5 years. How much money will Bob have to pay?

Answer 1

r = R/100 = 3.875%/100 = 0.03875 per year. The total amount accrued, principal plus interest, from simple interest on a principal of $10,000.00 at a rate of 3.875% per year for 5 years is $11,937.50.

Answer 2

Answer:84.14698639

Step-by-step explanation:

70*(1.0375)^5

=84.14698639