If you borrow $400 for 3 years atan annual interest rate of 4%, howmuch will you pay altogether?

Oxnz asked Aug 17, 2023

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Oxnz asked Aug 17, 2023

by Oxnz

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9 votes

Simple interes formula

$i=P\cdot r\cdot t$

Simple interest i by multiplying the principal P by the rate r by the number of time periods t.

P = $400

r = 4%

t = 3y

$i=400\cdot4\text{ \%}\cdot3$
$i=48\text{ \$}$

The total amount would be $448

Jason Diller answered Aug 23, 2023

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