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To purchase on an engagement ring for his girlfriend, Elliott borrowed $3,800 from the bank for three years at a 4.25% simple interest rate. How much interest will he have paid at the end of the loan?
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To purchase on an engagement ring for his girlfriend, Elliott borrowed $3,800 from the bank for three years at a 4.25% simple interest rate. How much interest will he have paid at the end of the loan?

User Medloh
by
7.8k points

1 Answer

4 votes

Answer:

$161.50

Explanation:

4.25% of $3800 is $161.50

User Kim Aldis
by
8.2k points
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