Question

Casey has a loan for $400 at a rate of 13% annually. If the interest is not compounded, how much interest will he pay in 3 years?

A) $15.60
B) $52.00
C) $156.00
D) $556.00


need help

Answer 1

$156.00

Explanation:

i = prt = (400)(0.13)(3) = 156

Use the formula i = prt, where

p = principal or starting amount

r = interest rate expressed as a decimal

t = time in years

Answer 2

$400 * 0.13 * 3 = $156

answer is C) $156.00