I NEED HELP PLEASE Which is the better buy?
2 answers:
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Answer:
$1,326
Step-by-step explanation:
You are going to want to use the simple interest formula for this.
<em>I = interest amount </em>
<em>P = principal amount </em>
<em>r = interest rate</em>
<em>t = time</em>
First, change 1.7% into its decimal form:
1.7% -> -> 0.017
Next plug in the values into the equation:
After three years, he must repay $1,326.