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Answer:
a) The simple interest is $126.
b) The total money repaid after 3 years is $1526.
Step-by-step explanation:
A man borrowed money at a bank $1400 at the rate o 3% for 3 years.
a) Find the simple interest
- → S.I = Simple Interest
- → P = Principal
- → R = Rate
- → T = Time
Substituting all the given values in the formula to find the Simple Interest :
Hence, the simple interest is $126.
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b) Find the total money repaid after 3 years
- → A = Amount
- → P = Principal
- → S.I = Simple Interest
Substituting all the given values in the formula to find the Amount :
Hence, the total money repaid after 3 years is $1526.