Question

Man borrows 26,000 for 3 years with simple interest 1.7 percent determine the amount of money repay after three years

Answer 1

$1,326

Explanation:

You are going to want to use the simple interest formula for this.

`I=Prt`

I = interest amount

P = principal amount

r = interest rate

t = time

First, change 1.7% into its decimal form:

1.7% ->
`(1.7)/(100)` -> 0.017

Next plug in the values into the equation:

`I=26,000(0.017)(3)`

`I=1,326`

After three years, he must repay $1,326.