Question

Carolyn borrowed $38,500 to pay

for college. If the interest rate is
3.2%, how much total will she
have paid after 10 years?

Answer 1

$50820

Explanation:

First, converting R percent to r a decimal

r = R/100 = 3.2%/100 = 0.032 per year,

then, solving our equation

I = 38500 × 0.032 × 10 = 12320

I = $ 12,320.00

The simple interest accumulated

on a principal of $ 38,500.00

at a rate of 3.2% per year

for 10 years is $ 12,320.00.