Leah borrows £10,000 over 5 years at a simple interest rate of 15%. Calculate how much interest she will pay over the 5 years?
How much will Leah have to pay back in total

She will pay $7,500 interest over the 5 years

She will have to pay back $17,500 in total

Step-by-step explanation:

Let us revise the rule of the simple interest

I = Prt and A = P(1 + rt) , where:

∵ Leah borrows £10,000 over 5 years at a simple interest rate of 15%.

∴ P = 10,000

∴ t = 5

∴ r = 15% = = 0.15

→ Substitute them in the first rule to find the interest

∵ I = 10,000(0.15)(5)

∴ I = 7,500

∴ She will pay $7,500 interest over the 5 years

→ Let us find A

∵ A = 10,000(1 + 0.15×5)

∴ A = 17,500

∴ She will have to pay back $17,500 in total

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