if you borrow $100 for 4 years at an annual interest rate of 15%, how much will you pay altogether? $?

Explanation:

Step1: Calculate annual interest

The formula for simple - interest is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate, and $t$ is the time in years. First, find the annual interest. Given $P=$100$ and $r = 15%=0.15$, the annual interest $I_{annual}=P\times r$. $I_{annual}=100\times0.15 = 15$

Step2: Calculate total interest for 4 years

Since the time $t = 4$ years, the total interest $I_{total}=I_{annual}\times t$. $I_{total}=15\times4=60$

Step3: Calculate total amount to be paid

The total amount $A$ to be paid is the sum of the principal amount $P$ and the total interest $I_{total}$. $A=P + I_{total}$ $A = 100+60=160$

Answer:

$160$