Question

your friend borrows 1050 from you to buy a new dirt bike. your friends pay you back the principal plus 7.25 percent simple interest per year in 3 years. how much money do you earn

Answer 1

4.25 interest =1.2/100= 0.0725

amount reimbursed after 3 years:

1050+1050*0.0725*3=1278.375

money won: 1278.35-1050=$228.375