Question

A person borrows $3000 for 90 days. if the interest is 4% how much will he owe totally after 90 days

Answer 1

Given that he borrows $3000 for 90days,

Therefore, the principal is $3000.

If the interest is 4% collected on the principal amount,

Hence, the interest will be

`\begin{gathered} 4\text{ \% of \$3000} \\ (4)/(100)*\text{ \$3000=\$120} \\ \therefore Interest\text{ = \$120} \end{gathered}`

Therefore, the total amount he will owe after 90days will be

Amount = Principal + Interest

Amount= $3000 + $120= $3120

Hence, he will owe $3120 after 90days.