Question

To buy a computer, Ms. Paul borrowed $3,000 at 9% interest for 4 years. How much money did she have to pay back?

Answer 1

`\text{ \$4,080}`

Step-by-step explanation:

Here, we want to get the value of the amount that Ms Paul has to payback

Mathematically, we have that as:

`\text{ Amount Borrowed + Interest}`

The interest is 9% which we can calculate as follows:

`I\text{ = }(PRT)/(100)`

where P is the principal which is the amount borrowed = $3,000

R is the interest rate which is 9%

T is time which is 4 years

Substituting the values, we have it that:

`I\text{ = }(3000*9*4)/(100)\text{ = \$1,080}`

Finally, we have the amount she paid back as:

`\text{ \$3000 + \$1080 = \$4,080}`