You lend a friend $20,000 for a year at an annual interest rate of 5%. At the end of the year your friend must pay you ________ in interest.

Name: You lend a friend $20,000 for a year at an annual interest rate of 5%. At the end of the year your friend must pay you ________ in interest.
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The interest can be calculated using the formula: Interest = Principal × Rate × Time. Here, Principal = $20,000, Rate = 5% (or 0.05 as a decimal), and Time = 1 year. So, Interest = $20,000 × 0.05 × 1 = $1,000.

You Lend a Friend $20,000 for a Year at an Annual