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:

Sales Tax

Sales Tax is a tax levied on the sale of goods and services, typically collected by the retailer at the point of purchase and then passed on to the government.

Demand For Jewelry

The consumers' desire and willingness to purchase jewelry, which can be influenced by factors such as income levels, fashion trends, and cultural practices.

Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a ratio or percentage.

Tax

Mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.