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To calculate how much you will pay altogether, we need to figure out the total interest and add that to the principal (the amount you borrowed).

The formula for calculating the total amount paid with simple interest is:

\[
\text{Total Amount} = P(1 + rt)
\]

Where:
- $ P $ is the principal amount ($500)
- $ r $ is the annual interest rate (5% = 0.05)
- $ t $ is the time in years (3 years)

Substituting the values into the formula:

\[
\text{Total Amount} = 500(1 + 0.05 \times 3) = 500(1 + 0.15) = 500 \times 1.15 = 575
\]

So, the total amount you will pay altogether is **$575**.

Would you like a more detailed explanation or further questions? Here are some related questions you might find interesting:

1. What is the difference between simple and compound interest?
2. How do you calculate compound

If you borrow $500 for 3 years at an annual interest rate of 5%, how much will you pay altogether?

Learn how to calculate the total amount to be paid for a $500 loan over 3 years at a 5% annual interest rate. This explanation covers the formula for simple interest and step-by-step calculation. Ideal for students in Grades 7-9.

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