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Ms. Lee takes out a loan to start a business. She borrows $5,000 at a simple annual interest rate of 6.5% for 5 years. What is the total amount of interest Ms. Lee must pay?

Respuesta :

MrGrayEzra

Answer:

6625

Step-by-step explanation:

We know that:  P = 5000

                          R = 6.5%

                          T = 5

Formulate and substitute: I = 5000rt

Calculate the product or quotient: 5000 x (1 + 0.325)

Calculate the sum or difference: 5000 x 1.325

Calculate the product or quotient: 6625

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