Question

Maddie borrowed $1500 at a 4% interest rate. If she pays off the loan in 3 years.

how much will she pay in total with interest?
$1,680
$50
$500
$180

Answer 1

I guess if she is Pays the money in three years, she will pay a capital of 1500/3 per year, which is 500$ per year. The Interest she pays the first year is: I=Debt*interest rate, so I=1500$*0.04, which is: I=60$. So without other information, i assume she pays 60$ each year, so in three years: I=60*3 --> 180$.

Answer 2

1680

Explanation: