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A person borrows $5000 at a rate of 8% per annum for 4 years. What is the total

Practice Questions

Q1
A person borrows $5000 at a rate of 8% per annum for 4 years. What is the total amount to be paid back?
  1. $6000
  2. $6400
  3. $6800
  4. $7200

Questions & Step-by-Step Solutions

A person borrows $5000 at a rate of 8% per annum for 4 years. What is the total amount to be paid back?
  • Simple Interest Calculation – Understanding how to calculate simple interest using the formula: Interest = Principal x Rate x Time.
  • Total Amount Calculation – Combining principal and interest to find the total amount to be repaid.
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