Answered

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?

A$15.60
B$52.00
C$156.00
D$556.00


need help

Verified Answer :

$400 * 0.13 * 3 = $156

answer is C) $156.00 

ally0221

Answer:

$156.00

Step-by-step explanation:

i = prt = (400)(0.13)(3) = 156

Use the formula i = prt, where

p = principal or starting amount

r = interest rate expressed as a decimal

t = time in years

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