Question

5 Gretchen borrowed $50 from her parents for 3 months. They charged her 14% interest. How much does she need to pay her parents to pay off the loan?​

Answer 1

Explanation:

simple interest = principal×rate×time

S.I = $50×(14÷100)×3

S.I=$50×0.14×3

S.I=$21

Amount= principal + simple interest

Amount = $50+$21

Amount = $71