borrowed $42,400 for 5 years interest rate 2.5%
That doesn't tell us what your question is. Compounded interest or not?
Sra
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To calculate the total amount that needs to be repaid on a loan, you can use the formula for compound interest:
Total Amount = Principal + Interest
In this case, the principal is the amount borrowed ($42,400), and the interest is calculated based on the interest rate and the time period.
First, let's calculate the interest:
Interest = Principal * Interest Rate * Time
However, the interest rate you provided is an annual rate, so we need to convert it to a decimal and divide it by the number of compounding periods per year. Let's assume the interest is compounded annually.
Interest Rate (per year) = 2.5% = 0.025
Time = 5 years
Now, we can calculate the interest:
Interest = $42,400 * 0.025 * 5 = $5,300
Next, we can calculate the total amount that needs to be repaid:
Total Amount = Principal + Interest = $42,400 + $5,300 = $47,700
Therefore, the total amount that needs to be repaid over 5 years with a 2.5% interest rate is $47,700.