Question

To buy a computer, Raquel borrowed $3,000 at 9%

simple interest for 4 years. How much money did she

have to pay back? (Hint: Combine both the principal and

simple interest for money she has to pay back).

Answer 1

$4080

Explanation:

We have the amount she will pay back, but first, we need to find the Interest accrued.

Simple Interest is given as:

`I = (P * R * T )/(100)`

where P = principal

R = rate

T = time taken (in years)

Therefore, the interest on $3,000 at 9% simple interest for 4 years is:

`I = (3000 * 9 * 4)/(100)`

I = $1080

Therefore, the amount she will pay back is:

$3000 + $1080 = $4080