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9966 [12]
3 years ago
15

Lucy borrowed $425 from Colleen. Colleen charges Lucy 5.3% interest if Lucy pays Colleen back in 3 years how much does she pay C

olleen back altogether
Mathematics
1 answer:
Sonja [21]3 years ago
7 0

Answer: Lucy pays $ 492.58  back altogether.

Step-by-step explanation:

Formula : Interest = Principal x Rate x Time

Given: Principal  = $425  , rate = 5.3% = 0.053 , time = 3 years

Interest = 425 x 0.053 x 3 ≈ $ 67.58

Total amount need to pay back = Principal + Interest

= $ (425+67.58)

= $ 492.58

Hence, Lucy pays $ 492.58  back altogether.

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