QuestionIf you borrow $\$ 80$ for 5 years at an annual interest rate of 15\%, what is the total amount of money you will pay back?

Studdy Solution
Calculate the total amount to be paid back, which is the sum of the principal and the simple interest.
$$\text{Total Amount} = \text{Principal} + \text{Simple Interest}$$
$$\text{Total Amount} = 80 + 60 = 140$$
The total amount to be paid back is:
$$\boxed{140}$$