Answer:
the total amount that should have to pay back is $30,237.50
Step-by-step explanation:
The computation of the total amount that should have to pay back is as follows:
Amount = Simple interest + borrowed amount
= ($20,500 × 9.5% × 5) + $20,500
= $9,375.50 + $20,500
= $30,237.50
hence, the total amount that should have to pay back is $30,237.50
