Question

Margo borrows $1900, agreeing to pay it back with 5% annual interest after 7 years. How much interest will she pay? Round your answer to the nearest cent, if necessary.

Answer 1

P is the amount borrows

R is the rate of interest

T is time

SI is the simple interest

A is the total amount to give

P= 1900

R= 7%

T= 7 years

Explanation:

simple interest = PRT/100

=1900×7×7/100

=19×49

SI=931

A = SI + P

A = 931 + 1900

A = 2831

Answer 2

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