Question

Vincent borrowed $300 for a new TV. If he promised to repay the loan at a simple annual interest rate of 2%, how much will he owe in total at the end of 3 years?

Answer 1

Hi there
The formula is
A=p (1+rt)
A ?
P 300
R 0.02
T 3 years
So
A=300×(1+0.02×3)
A=318

Hope it helps

Answer 2

Answer:

Vincent will owe $318.

Step-by-step explanation:

Simple interest is given by :

$I=p\times r\times t$

Here , p = 300

r = 2% or 0.02

t = 3

So, interest will be = $300\times0.02\times3$

= $18

So, total amount owed will be =$300+18=318$ dollars

Therefore, Vincent will owe $318.