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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

Respuesta :

altavistard
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