Question

jose borrowed $1500 from the bank at a rate of 8% simple interest every year. how much will he pay in three years?


PLZ HELP ITS URGENT I WILL TAG U AS THE BRANLIEST!!

Answer 1

Principal (P) = $1500

Rate (R) = 8%

Time (T) = 3 yrs

Simple Interest = PRT/100 = $1500 × 8 × 3/100 = $360

Therefore:-

Total money, which is to be paid in 3yrs by Jose is the Amount (SI + Principal) = $360 + $1500 = $1860