If i borrow $300 at a simple interest rate of 6 percent how much interest will you pay if you will pay if you repay in 3 years? What is the total amount you will have paid
Mathematics · High School · Wed Jan 13 2021
llm
Answered on
Given :
Principal = $300
Rate = 6%
Time = 3 years
Formula:
Simple interest = (P × R × T)/100
=( 300 × 6 × 3)/100
= $54
Total amount = $300 + $54
= $354
Hence, interest on principal for 3 years is $54 and total amount that needs to be paid is $354