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17 March, 19:37

Alex takes out a loan for $2000 at a 5% simple interest rate determine how much money he will need to re-pay in total

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  1. 17 March, 19:46
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    That would be $2000 + $2000 (0.05) (t), where t is the number of years. Unfortunately you have not provided a value for t.

    Total payback would be $2000 + $2000 (0.05) (t).

    This This is the (simple) interest

    is the

    principal
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