Question

Lashonda wants to buy a new boat but needs money for the down payment. Her parents agree to lend her money at an annual rate of 3% CHarged as simple interest. They lend her $6000 for 4 years. She makes no payments except the one at the end of that time.

Answer 1

Answer: $6, 720

Step-by-step explanation:

Formular for simple interest =P×R×T

where;

P= 6000

R= 3% = 0.03

T= 4 years

$6000 × 0.03 × 4

= $720

The total amount to be paid back at the end of time will be

$6,000 + $720

=$6, 720

I hope this helps