Question

Mari took out a student loan for $1,800 at 8.5% simple interest for 2 years. How much was the total amount she paid on the loan

Answer 1

Hi there
The formula is
A=p (1+rt)
A future value?
P present value 1800
R interest rate 0.085
T time 2 years

A=1,800×(1+0.085×2)
A=2,106

Hope it helps