Question

Cathy borrows $3280 at 0.3% simple interest per month. When Cathy pays the loan back 9 years later, what is the total amount that Cathy ends up repaying?

Answer 1

Answer:

Step-by-step explanation:
Interest formula -
I = P × R × T
I = 3,280 × 0.3% × 9
What I basically did there wws multiply the amount of money, the simple interest, and the time.
Turn 0.3% into a decimal by dividing by a 100 which should give you 0.003

I = 3,280 × 0.003 × 9

Put that into a calculator, you get $88.56

Now, that's just the interest amount. Now you add it back to 3,280 to get the *total* amount.

3,280 + 88.56 = 3,368.56

Cathy ends us paying $3,368.56

Hope what I said made sense.