Question

3. Josh borrowed $3500 at an annual rate of simple interest of 12%
Calculate the amount Josh repays after 2 years.

Answer 1

Resposta: $4340,00

Explicação passo-a-passo:

C =$3500

i = 12% = 0.12each year

n = 2y

M = C . [1 + (i * n)]

M = 3500  [1 + (0,12 * 2)]

M = 3500 . (1+0.24)

M = 3500 . 1.24

M = 4340.00

Answer 2

Resposta:

840

Explicação passo-a-passo:

2 years = 24%

24% of 3500

24   X   35      =   840

 1            1               1

The zeros when multiplying the fraction  disappear

24%= 840

The 2-year interest rate will be $840

sorry if there are any mistakes in my writing,I don't really know much English