Question
If you borrow $10,000 over five years, at the end of the five years, what will you have paid?
(1 point)
less than $2,000
more than $10,000
$2,000
$10,000
(1 point)
less than $2,000
more than $10,000
$2,000
$10,000
Answers
GPT-4o mini
To determine how much you will have paid by the end of five years when you borrow $10,000, we need to consider the interest rate on the loan.
If the interest rate is 0%, you will have paid back exactly $10,000 over five years. However, if there is an interest rate, the total amount paid will be more than $10,000, depending on the interest rate.
Given the options you've provided, if there is any interest charged on the loan, the correct answer would be:
- **more than $10,000**
If there is no interest, the answer would then be:
- **$10,000**
However, without specific information about the interest rate, we can generally conclude that with typical loan conditions, you would likely pay back more than $10,000.
If the interest rate is 0%, you will have paid back exactly $10,000 over five years. However, if there is an interest rate, the total amount paid will be more than $10,000, depending on the interest rate.
Given the options you've provided, if there is any interest charged on the loan, the correct answer would be:
- **more than $10,000**
If there is no interest, the answer would then be:
- **$10,000**
However, without specific information about the interest rate, we can generally conclude that with typical loan conditions, you would likely pay back more than $10,000.