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8090 [49]
3 years ago
11

Habiba wants to buy a new laptop. She purchases it for $950 and finances it for 3 years at an interest rate of 9.2%. How much in

terest will she pay?
Mathematics
1 answer:
blondinia [14]3 years ago
3 0

Answer:

<em>Habiba will pay $262.20 of Interest.</em>

Step-by-step explanation:

<u>Simple Interest</u>

Simple interest is a method of calculating the interest charge on a loan. The Interest (I) is determined by multiplying the yearly interest rate (r) by the principal (P) by the number of years that elapsed between payments (t).

The formula to calculate the interest Habiba will pay is:

I=P.r.t

The values are:

P=950

t=3 years

r=9.2% yearly= 0.092

Substituting the values:

I=950*0.092*3

I=262.20

Habiba will pay $262.20 of Interest.

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