Question

Kara invested $1,250 in the production of a friends music cd.her friend paid her back at 6% simple annual interest after 36 months .how much money did kara get back.

Answer 1

Kara got back = $1475

Explanation:

Simple interest (S.I) = Principal* rate* time

Principal= 1250

rate=6%

time= 36/12= 3 years

S.I = 1250*0.06 * 3 = $225

Amount= S.I +Principal

Therefore, Kara got back $1250+225 = $1475