Mathematics
15.03.2020 23:14
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If the person borrowed $3000 for 3 years at a rate of 2%, how much interest will

If the person borrowed $3000 for 3 years at a rate of 2%, how much interest will they owe for the loan
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Talinamoreno123
Talinamoreno123
4,7(37 marks)

In this case were going to solve the question using "simple interst", so since were looking for the interest it will be I= PxRxT (I stands for "interest", P stands for "principal", R stands for "rate" and T stands for "time")

so P is $3000

R is 2%

and T is 3 years

so we'll have to turn our rate into a decimal which is 2% = .02

now to start the problem:

I= (3000)(.02)(3) ย  ย  ย  (means 3000 x .02 x 3)

I= $180 ย is your answer

diana6741
diana6741
4,4(56 marks)

You did not provide a list of equations for us to select from.

Let me see if I can put together.

Distance = rate times time (in hours).

Let x = time of the trip in hours.

D = rx

Let D = 295 miles.

Let r = 65 mph.

Here is your equation: 295 = 65x

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