if you borrow $400 for 5 years at an annual interest rate of 3%, what is the total amount of money you will…

Explanation:

Step1: Calculate the simple - interest

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P=$400$, $r = 0.03$ (since $3%=0.03$), and $t = 5$ years. $I=Prt=400\times0.03\times5$ $I = 400\times0.15=$60$

Step2: Calculate the total amount

The total amount $A$ to be paid back is the sum of the principal amount $P$ and the interest $I$. $A=P + I$ $A=400+60=$460$

Answer:

$460$