Question

Deb borrows $3190 at 2.9% simple interest per month. When Deb pays the loan back 5 years later, what is the total amount that Deb ends up repaying?

Answer 1

$3652. 55

Explanation:

A = P(1 + rt)

P = 3190

r = 0.029 (percent in decimal form)

t = 5 years

A = 3190(1 + (0.029)(5))

A = 3190(1 + .145)

A = 3190(1.145)

A = $3652. 55

Answer 2

$3,282.51

Explanation:

you take 3,190 times 2.9% and get $92.51, add that to 3,190 and get $3,282.51! hope this helped!