Question

Mr. Kim borrows $3,000 to pay for house repairs. The simple interest is 8% for one year.

What is the total amount Mr. Kim will pay back?

Answer 1

SI=PTR÷100

=3000×1×8÷100

=2400

Answer 2

3240

Explanation:

If the simple interest is 8%, Mr. Kim will have to pay $3000, and the simple interest, which will be 8% of $3000.

You can write it in two ways:

3000+3000*0.08= 3240

or

3000*1.08= 3240