If you borrow \( \$ 700 \) for 10 years at an annual interest rate of \( 13 \% \), how much will you pay altogether? \[ [?] \]

To find out how much you’ll pay altogether after borrowing \$700 for 10 years at an annual interest rate of 13%, you can use the formula for compound interest. However, if we're considering simple interest, the formula is: \[ \text{Total Payment} = P + (P \times r \times t) \] Where \( P \) is the principal amount, \( r \) is the interest rate, and \( t \) is the time in years. First, calculate the interest: \[ \text{Interest} = 700 \times 0.13 \times 10 = 910 \] Now, add the principal amount: \[ \text{Total Payment} = 700 + 910 = 1610 \] So, you will pay a total of \$1,610. Needless to say, borrowing money can be quite the journey! Understanding how interest plays into your totals is a wise move that can save you from those “surprise” moments when it’s time to pay back the loan. Keep an eye on that rate!