A family club keeps a small amount of money on hand for members to borrow for short periods of time. The simple interest charged
is 7.5%. Stephen borrowed $5,000 for 3 months. How much, to the nearest dollar, was he required to pay back at the end of 3 months?
1 answer:
Answer:
$6125
Step-by-step explanation:
5000 x 3 x .075 = 1,125
5000 + 1125 = 6125
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