Bruce takes out a personal loan of $1,000 to go on a trip to Florida. His loan has an annual simple interest rate of 10%. When you calculate Bruce’s debt, be sure to use the formula for simple interest. A = (P)(r)(t) Bruce borrowed $1,000 for his trip. If Bruce waits for five years to begin paying back his loan, how much will he owe? $1,200 $1,300 $1,500 $1,800