A person wants to borrow $5,000 at 1% interest rate for 5

Last updated: 7/24/2022

A person wants to borrow $5,000 at 1% interest rate for 5 years. The equation to use to determine the total finance charge would be what? A. $5,000 = FCx.01x5 B. .01 = FC x $5,000 x 5 C. FC = $5,000 x.01x5 D. 5 = FC x.01 x $5,000