You loan your brother $300 and charge him 2% simple annual interest. He promises to
2 answers:
Answer:
$306
Step-by-step explanation:
In one year, the 2% annual interest would have been applied once. Therefore, your brother would pay you 1.02 * 300 which is 306.
Hope this helps :)
Answer: 306 dollars
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Work Shown:
i = P*r*t ..... simple interest formula
i = 300*0.02*1
i = 6
Your brother pays $6 in simple interest on top of the $300 in principal loaned to him. The total amount he pays back is 300+6 = 306 dollars.
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Another way to calculate the answer is to do these steps
A = P*(1+r*t)
A = 300*(1+0.02*1)
A = 300*(1.02)
A = 306
The 1.02 represents a 2% increase when going from 300 to 306.
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