Question

If you borrow $10,000 over five years, at the end of the five years, what will you have paid?(1 point) Responses less than $2,000 less than $2,000 $10,000 $10,000 $2,000 $2,000 more than $10,000

Answer 1

To determine the total amount paid at the end of the five years, we need to consider the interest on the loan. The response of "more than $10,000" is the correct answer because by the end of the five years, you would have paid back the initial $10,000 borrowed plus the interest charged on the loan. The exact amount would depend on the interest rate and specific terms of the loan.