If You Borrow $1,700 for 4 Years at 5% Annual

question 83

Multiple Choice

If you borrow $1,700 for 4 years at 5% annual simple interest, how much must you repay at the end of the 3 years? Round your answer to the nearest dollar. ​

• A)$2,975
• B)$5,100
• C)$1,955
• D)$2,125
• E)$2,040

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Definitions:

Crusades

In medieval Europe, armed pilgrimages aimed at recapturing the Holy Land from the Muslims.

La Madeleine

A prehistoric Paleolithic rock shelter located in France, famous for its archaeological significance and its association with the Magdalenian culture.

Durham Cathedral

A renowned example of Norman architecture located in Durham, England, celebrated for its historic and religious significance.

Sant'Ambrogio

A historic church in Milan, Italy, named after St. Ambrose, the city's patron saint; known for its Romanesque architecture.