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?
2 answers:
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:
Vincent will owe $318.
Step-by-step explanation:
Simple interest is given by :

Here , p = 300
r = 2% or 0.02
t = 3
So, interest will be = 
= $18
So, total amount owed will be =
dollars
Therefore, Vincent will owe $318.
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