Question

If you borrow $400 for 6 years at

an annual interest rate of 7%,
how much will you pay
altogether?
Enter

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$400\\ r=rate\to 7\%\to (7)/(100)\dotfill &0.07\\ t=years\dotfill &6 \end{cases} \\\\\\ A = 400[1+(0.07)(6)]\implies A=400(1.42) \implies A = 568`