Paul's mom gave him $25.00 on Monday morning to use on lunches. At his school, the school lunch costs $1.50, which he bought
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Answer:
$4080
Step-by-step explanation:
We have the amount she will pay back, but first, we need to find the Interest accrued.
Simple Interest is given as:
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 = $1080
Therefore, the amount she will pay back is:
$3000 + $1080 = $4080