Question

how much interest will roxanne have to pay if she borrows $3,000 for 3 years at a simple interest rate of 2%

Answer 1

Roxanne will have to pay $180 in interest.

Step-by-step explanation:

To calculate the interest Roxanne will have to pay, we can use the formula:

Interest = Principal x Rate x Time

Substituting the given values, we have:

Interest = $3,000 x 0.02 x 3

Interest = $180

Therefore, Roxanne will have to pay $180 in interest.

Answer 2

simpe interest rate = PRT/100
— ( principal x rate x time ) / 100

$3,000 is the principal
3 years is the time
2% is the rate

so, PRT/100
(3,000 x 3 x 2) / 100
= $180

Answer : $180