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Eric borrowed $3000 from his dad and agreed to pay his dad back the principal plus a rate of 3% simple interest. How much interest Alex will owe his dad after 2 years?
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3 votes
Eric borrowed $3000 from his dad and agreed to pay his dad back the principal plus a rate of 3% simple interest. How much interest Alex will owe his dad after 2 years?

User AndyBarr
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1 Answer

6 votes
To find the answer, you can use I = p*r*t
Substitute I for interest, p for principle, r for rate, t for time-
I = p*r*t
I = 3000 * 0.03 * 2
I = 180

User Jmini
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8.3k points
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