Problem

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent if necessary.
Rosey borrows \( \$ 7500 \) and agrees to pay it back in 4 years. If the simple interest rate is \( 13 \% \), find the total amount she pays back.
\( \$ 11,400.00 \)
\( \$ 39,000.00 \)
\( \$ 46,500.00 \)
\( \$ 3900.00 \)

Answer

Expert–verified
Hide Steps
Answer

\( I = 3900 \)

Steps

Step 1 :\( I = P \times r \times t \)

Step 2 :\( I = 7500 \times 0.13 \times 4 \)

Step 3 :\( I = 3900 \)

link_gpt