Question

Daryl loaned his friend $2,500 to help him with his business. If his friend pays Daryl back in one year with 15% simple interest how much will he owe Daryl all together?

Answer 1

$2875

Step-by-step explanation

Given

Principal P = $2,500

Rate R = 15%

Time T = 1year

Get the interest on $2500

Simple Interest = PRT/100

Simple Interest = 2500 * 15 * 1/100

Simple Interest = 25*15

Simple Interest = $375

Amount owed altogether = Pricipal + Interest

Amount owed altogether = $2500 + $375

Amount owed altogether = $2875