if you borrow $700 for 2 years at an annual interest rate of 5%, what is the total amount of money you will…

Explanation:

Step1: Calculate the 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=$700$, $r = 0.05$ (since $5%=0.05$), and $t = 2$ years. So $I=700\times0.05\times2$. $I = 700\times0.05\times2=70$

Step2: Calculate the total amount

The total amount $A$ to be paid back is the sum of the principal $P$ and the interest $I$. So $A=P + I$. $A=700 + 70=770$

Answer:

$770$