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

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Answer

$I = 3900$

Steps

Step 1 ： $I = P \times r \times t$

Step 2 ： $I = 7500 \times 0.13 \times 4$

Step 3 ： $I = 3900$

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