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

$2,000
$2,000

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

less than $2,000

Answer 1

The total amount paid at the end of five years would depend on the interest rate of the loan. If you simply borrowed $10,000 with no interest, then you would have paid back exactly $10,000. However, if there is interest involved, you would end up paying more than $10,000 over the five-year period.

Thus, the correct response in most typical loan scenarios would be more than $10,000, assuming there is an interest rate applied to the loan.