Answered

At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

Sarah borrows $5575 on a 2 year loan at 3% simple interest. What will be the total amount Sarah has to pay back at the end of year 2?

Sagot :

Naseeem88

Answer:

$5909.50

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year,

then, solving our equation

I = 5575 × 0.03 × 2 = 334.5

I = $ 334.50

The simple interest accumulated

on a principal of $ 5,575.00

at a rate of 3% per year

for 2 years is $ 334.50.

We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.