Register
Austin borrowed $3000 from the bank at a rate of 2.25% simple interest per year. How much total did he have to pay back after 5 years?
146k views
5 votes
Austin borrowed $3000 from the bank at a rate of 2.25% simple interest per year. How much total did he have to pay back after 5 years?

User Morteza Sadri
by
5.7k points

1 Answer

0 votes

Answer:

Austin will have to pay $33,750 for the simple interest.

Explanation:

2.25% into decimal = 0.0225

0.0225 x 3000 = 6750

6750 x 5 = 33750

User Sharise
by
4.9k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.9m questions

7.8m answers

Other Questions

Solve for y in terms of x. 2/3y - 4 = x y = x + 6 y = -x + 4 y = -x + 6 y = x + 4
Aliyah has $24 to spend on seven pencils. After buying them she had $10. How much did each pencil cost?
Ten gallons of paint were poured into two containers of different sizes. Use one variable to express the amount poured into each container
Use the normal model ​n(11371137​,9696​) for the weights of steers. ​a) what weight represents the 3737thth ​percentile? ​b) what weight represents the 9999thth ​percentile? ​c) what's the iqr of the weights
Evaluate a + b when a = –16.2 and b = –11.4 A. –27.6 B. –4.8 C. 4.8 D. 27.6
Link Copied!