Question

Casey has a loan for $400 at a rate of 13% annually. If the interest is not compounded, how much interest will he pay in 3 years?   Will give Brainliest to whoever answers first

Answer 1

➡HERE IS YOUR ANSWER⬇

Since, the interest is not compounded, the interest is simple interest.

We know that :

I = (Ptr)/100,

where P = principal sum, t = time, r = rate of interest, I = simple interest.

In this problem :

P = $ 400

t = 3 years

r = 13%

Then,

I = (400×3×13)/100

=> I = 156

Therefore, the interest payable in 3 years is $156.

⬆HOPE THIS HELPS YOU⬅

Answer 2

S.I = PNR/100
= 400*13*3/100
= 12*13
= 156 dollars