if you borrow $1,400 for 3 years at an annual interest rate of 20%, what is the total amount of money you…

Explanation:

Step1: Calculate the annual interest

The formula for simple - interest is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate, and $t$ is the time in years. Here, $P=$1400$, $r = 0.2$ (since $20%=0.2$), and $t = 3$ years. First, find the annual interest. The annual interest $I_{annual}=P\times r=1400\times0.2 = 280$.

Step2: Calculate the total interest for 3 years

$I_{total}=I_{annual}\times t$. Substitute $I_{annual}=280$ and $t = 3$ into the formula. $I_{total}=280\times3=840$.

Step3: 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 total interest $I_{total}$. So, $A=P + I_{total}=1400+840 = 2240$.

Answer:

$2240$