Question

Julie borrowed $3,500 for 3 years at 7½% simple interest rate. How much interest is that?

Answer 1

Answer:

262.5 $

Step-by-step explanation:

3,500$÷100

= 35$

=35$×7.5 %

= 262.5 $

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Answer 2

Answer:

A=P(1+rt)

ɢɪᴠᴇɴ⤵

P=3,500

T=3yrs

R=7.5%/100 =0.075

sᴏʟᴠᴇ:

A= 3500(1+0.75×3)

=$4287.5