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BARSIC [14]
3 years ago
8

Nick borrows $2,700 from the bank at 7% simple interest for 2 years. How much will he owe the bank after 2 years

Mathematics
1 answer:
inessss [21]3 years ago
7 0

Answer:

$3,078.00

Step-by-step explanation:

A = $3,078.00

(I = A - P = $378.00)

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 7%/100 = 0.07 per year.

Solving our equation:

A = 2700(1 + (0.07 × 2)) = 3078  

A = $3,078.00

The total amount accrued, principal plus interest, from simple interest on a principal of $2,700.00 at a rate of 7% per year for 2 years is $3,078.00.



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