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dp70110 dp70110
  • 21-01-2016
  • Mathematics
Answered

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

Verified Answer :

Gabby1221
Gabby1221 Gabby1221
  • 21-01-2016

A=P(1+rt)

P=3500
t=3yrs.
r=7.5% / 100 = 0.075

A= 3500(1 + (0.075 x 3)) = 4287.5

A= $ 4,287.50

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