Question

Michelle borrowed $3000 at 5% intrest to pay for her college classes. Michelle took 2 years to repay this loan. What is the total amount that she repaid? {I=PRT}

Answer 1

Ok, so you have the initial 3000, and 5% interest charged annually, and 5% is equal to 150. If it takes her two years to repay, that comes to 300 extra, so the total amount she repaid would be $3030.00