Question

Conan borrows $3,000 at a yearly simple interest rate of 1. 6% for 2 years. He owes in interest. He needs to pay back in all

Answer 1

$~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \ 3000\\ r=rate\to 1.6\%\to \frac{1.6}{100}\dotfill &0.016\\ t=years\dotfill &2 \end{cases} \\\\\\ I = (3000)(0.016)(2)\implies I=96~\hfill \underset{\textit{to pay back in all}}{\stackrel{3000+96}{3096}}$