Question

Casseia borrows $1,100 to buy new furniture for her dorm room. If the simple interest rate is 4.5%, how much interest will she have to pay in 3 years?

Answer 1

Answer:

Step-by-step explanation:

The formulae for simple interest is PxRxT/100 where P is the principal, R the Rate and T the time. P= 1100 R= 4.5 and T= 3. Therefore 1100×4.5×3/100=148.5. Implies the Simple Interest is $148.5