Question

Nigel borrows $250 pays 5.5%simple interest each year. if he pays back the money in on year what is the total amount that he pays

Answer 1

I = P x R x T
I = 250 x .055 x 1
I = 13.75

I + P = Total amount paid
$250 + $13.75 =Total amount paid
$263.75= Total amount paid