Question

Fred borrows $2710 at 3.8% simple interest per month. When Fred pays the loan back 3 months later, what is the total amount that Fred ends up repaying?

Answer 1

Step-by-step explanation:

Simple interest =P (1+. R )^n

/100

Where P is the amount

R is rate (%)

n is number of years

So if you are given months your divide ➗ the number of months by 12 years

2710 *(1+ [ 3.8/100])^3/12