The total cost for the boat be with interest is $56,250.
Total cost
First step
Using this formula
Interest=Principal×Interest rate×Time
Where:
Principal=$45,000
Interest rate=5%
Time=5 years
Let plug in the formula
Interest=$45,000×0.05×5
Interest=11,250
Second step
Total cost:
Total cost=$45,000+$11,250
Total cost=$56,250
Inconclusion the total cost for the boat be with interest is $56,250.
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