You know from your Personal Finance course that no one tends to lend money using Simple Interest. You have however approached your parents and begged for a loan to buy a used car. They have caved, as you knew they would, and provided you with a Simple Interest loan. To be fair to your parents, you have agreed to a market interest rate. You have borrowed ( $ 10,000 ) at a simple annual interest rate of ( 6.5 % ), how much money in total would your parents receive after 5.5 years? Select one: a. ( $ 650 ) b. ( $ 13,575 ) c. ( $ 1,350 ) d. ( $ 15,000 ) e. ( $ 13,250 )

You know from your Personal Finance course that no one tends to lend money using Simple Interest. You have however approached your parents and begged for a loan to buy a used car. They have caved, as you knew they would, and provided you with a Simple Interest loan. To be fair to your parents, you have agreed to a market interest rate. You have borrowed $10,000 at a simple annual interest rate of 6.5%, how much money in total would your parents receive after 5.5 years? Select one: a. $650 b. $13,575 c. $1,350 d. $15,000 e. $13,250