Question

Mary borrowed $3,000 from the bank with a simple interest rate of 6%

How much interest will Mary owe after one year?

How much interest will Mary owe after four years?

How much will Mary need to pay the bank after four years to completely pay off the loan?​

Answer 1

She will owe $180 of interest after one year.

She will owe $720 of interest after four years.

She will need to pay the bank $3,720 to completely pay off the loan.

Explanation: