if you borrow $320 for 3 years at an annual interest rate of 15%, what is the total amount of money you will…

Explanation:

Step1: Calculate the interest

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P=$320$, $r = 0.15$ (since $15%=0.15$), and $t = 3$ years. $I=Prt=320\times0.15\times3$ $I = 320\times0.45=$144$

Step2: Calculate the total amount to be paid back

The total amount $A$ to be paid back is the sum of the principal $P$ and the interest $I$. $A=P + I$ $A=320+144=$464$

Answer:

$464$