Question

1) Cathy borrows $3280 at 0.3% simple interest per month. When Cathy pays the loan back 9 years later, what is the total amount that Cathy ends up repaying? Answer:

Answer 1

i worked out the percentage of 3280! then i multiplied that by the months in the year (12) then i multiplied that answer by 9 then i added that answer to 3280 and my final answer was 13864

Answer 2

Explanation:

we calculate how much 0.3% is from 3280

y=3280*0.3/100=9.84$

months in 9y

12*9=108

the interest of 9y

108y=1062.72$

the sum of interest + the money borrowed

1062.72+3280=4342.72$