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murzikaleks [220]
3 years ago
10

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 ow

e in total at the end of 3 years?
Mathematics
2 answers:
Jobisdone [24]3 years ago
5 0
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
kompoz [17]3 years ago
3 0

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.

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