Casey has a loan for $400 at a rate of 13% annually. If the interest is not compounded, how much interest will he pay in 3 years
?
A) $15.60
B) $52.00
C) $156.00
D) $556.00
need help
2 answers:
$400 * 0.13 * 3 = $156
answer is <span>C) $156.00 </span>
Answer:
$156.00
Step-by-step explanation:
i = prt = (400)(0.13)(3) = 156
Use the formula i = prt, where
p = principal or starting amount
r = interest rate expressed as a decimal
t = time in years
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