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

Question

Responses

$2,000
$2,000

$10,000
$10,000

less than $2,000
less than $2,000

more than $10,000

Answer 1

The correct response is more than $10,000.

When you borrow money, you typically have to pay back the principal plus interest. Over the course of five years, you will likely pay a total amount that exceeds the original $10,000 borrowed due to the interest charges. The exact amount would depend on the interest rate applied to the loan.