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1. Craig borrowed $1,200 from his parents to buy a stereo. His parents charged him 5% simple interest for 3 years. How much interest did he pay his parents?​
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1 vote
1. Craig borrowed $1,200 from his parents to buy a stereo. His parents charged him 5% simple interest for 3 years. How much interest did he pay his parents?​

User Nivekithan
by
8.5k points

1 Answer

4 votes
Answer: 245

Work:
I=PRT
I=?
P= 1200 X%I=PxRxT =250; 250R105=I
R=0.05
T=3
User Andre Weinand
by
7.2k points
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