if you borrow $2,300 for 9 years at an annual interest rate of 6%, what is the total amount of money you…
if you borrow $2,300 for 9 years at an annual interest rate of 6%, what is the total amount of money you will pay back?
Answer
Answer:
$3542$
Explanation:
Step1: Calculate the simple - interest
$I = Prt$, where $P = 2300$, $r=0.06$, $t = 9$. $I=2300\times0.06\times9$ $I = 2300\times0.54$ $I = 1242$
Step2: Calculate the total amount
$A=P + I$, $P = 2300$, $I = 1242$. $A=2300 + 1242$ $A = 3542$