if you borrow $40 for 12 years at an annual interest rate of 5%, 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=$40$, $r = 0.05$ (since $5%=0.05$), and $t = 12$ years. $I=40\times0.05\times12$ $I = 24$

Step2: Calculate the total amount

The total amount $A$ to be paid back is the sum of the principal $P$ and the interest $I$. $A=P + I$ $A=40+24$ $A = 64$

Answer:

$64$