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?
1 answer:
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
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