Jess borrows 250 from the bank. The band chargEs 11% simple interest over 2 years.
1 answer:
Answer:
$305
Step-by-step explanation:
You have to use the following formula to calculate the accrued amount:
A=P(1 + rt), where:
A= accrued amount
P= principal amount= $250
r= rate of interest= 11%
t= time period= 2 years
Now, you have to replace the values in the formula:
A=250*(1+0.11*2)
A=250*(1+0.22)
A=250*1.22
A=305
According to this, at the end of 2 years, Jess owes the bank $305.
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