QuestionIf you borrow $\$ 500$ for 6 years at an annual interest rate of $7 \%$, how much will you pay altogether? \$[?]

Studdy Solution
Substitute the values of the principal $P$ and the interest $I$ into the equation to find the total amount.
$$A = 500 + 210 = 710$$
The total amount to be paid altogether is \$710.