Question

Annika friend offers to loan her $2000 to help pay her college tuition. Annika plans to borrow the money for a year and par 3.5 percent in interest. How much will Annika pay back to the person that she borrows the money from if she pays it back in a year?

(1 point)

$2,035


$2,070


$2, 350


$2,700

Answer 1

$2,070

Interest = 2000 × 0.035 × 1 = $70, so total repaid = 2000 + 70 = $2,070.