Ethan borrowed $2,190 for a new dirt bike. He will pay the money back in 3 years with a simple interest rate of 2.5%. How much i

Question

3 years ago

12

nterest will he pay?

1 answer:

Taya2010 [7] · Answer 1 · 2022-04-30T05:16:56+03:00

Answer:

<h2>The interest ethan will pay is $164.25</h2>

Step-by-step explanation:

To calculate the interest paid by ethan on the borrowed bike using the formula.

Simple Interest = Principal * rate * time/100

Principal = $2,190, rate = 2.5%, time = 3years

On substitution

SI = $\frac{2190*3*2.5}{100}$

$SI = \frac{16,425}{100}\\ SI= $164.25$

The interest ethan will pay is $164.25