Final answer:
Jakob will pay back a total of $89,625 after 3 years, which includes the principal of $75,000 and the simple interest of $14,625.
Step-by-step explanation:
Jakob borrows $75,000 from a bank at a simple interest rate of 6.5% per year. To calculate the total interest Jakob will pay after 3 years, we use the simple interest formula: Interest = Principal × Rate × Time.
In Jakob's case, this is: Interest = $75,000 × 0.065 × 3.
Calculating this, we get the total interest paid as: Interest = $75,000 × 0.065 × 3 = $14,625.
To find the total amount Jakob will pay back, we add the interest to the principal amount: Total repayment = Principal + Interest = $75,000 + $14,625 = $89,625.