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mario62 [17]
2 years ago
13

Spencer borrowed $50 from his cousin, who charged him 6% simple interest each year. If Spencer pays his cousin back 3 years late

r, how much will he owe his cousin?
A
$56
B
$59
С
$68
D
$6
Mathematics
1 answer:
Orlov [11]2 years ago
4 0

Given:

Principal = $50

Rate of simple interest = 6%

Time = 3 years

To find:

The amount after 3 years.

Solution:

Formula for simple interest:

I=\dfrac{P\times r\times t}{100}

Where, P is principal, r is the rate of interest in percentage and t is the number of years.

Putting P=50,\ r=6,\ t=3 in the above formula, we get

I=\dfrac{50\times 6\times 3}{100}

I=\dfrac{900}{100}

I=9

Formula for amount is:

A=P+I

Where, P is principal and I is the simple interest.

Putting P=50,\ I=9, we get

A=50+9

A=59

Therefore, the correct option is B.

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