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

Question

Responses

$10,000
$10,000

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

$2,000
$2,000

more than $10,000
more than $10,000

Answer 1

The amount you will have paid at the end of five years depends on the interest rate associated with the loan. However, typically, if you borrow $10,000, you will end up paying back more than the principal amount because you will need to pay interest on the loan.

Therefore, the most accurate response would be:

more than $10,000

This is based on the assumption that there is an interest rate applied to the loan.