Question

Find the total amount owed if ray takes out a loan for $1500 for 6 years at 3.5% interest. I=PRT

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$1500\\ r=rate\to 3.5\%\to (3.5)/(100)\dotfill &0.035\\ t=years\dotfill &6 \end{cases} \\\\\\ A=1500[1+(0.035)(6)] \implies A=1500(1.21)\implies A = 1815`