Answer:
The total amount that he would have paid after 3 years is $1183.
Step-by-step explanation:
We would apply the formula for determining simple interest which is expressed as
I = PRT/100
I represents interest paid on the amount owed.
P represents the principal or initial amount owed.
R represents interest rate
T represents the duration for which the amount was owed in years.
P = $795
R = 16.25
T = 3 years
I = (795 × 16.25 × 3) ÷ 100
I = $388
Total amount that he would have paid after 3 years is $795 + $388 = $1183
Answer:
Step-by-step explanation:
Subtract 57 from both sides:
Divide both sides by 4:
A. $40, because you would do 1,000 × 1.04 = $1,040, and then subtract the original $1,000.
b. $81.60, because 1,000 × 1.04² = 1,081.6
c. $480.24, because 1,000 × 1.04^10 = 1,480.24.
I have used the formula for compound interest presuming you were aware of it, but I will be happy to explain what I did if you want :).
I hope this helps!
