Welcome to Westonci.ca, where your questions are met with accurate answers from a community of experts and enthusiasts. Explore a wealth of knowledge from professionals across different disciplines on our comprehensive platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

You loan your brother $300 and charge him 2% simple annual interest. He promises to
repay you one year later. How much willyour brother have to pay you?
in 1 year
Also plz show the steps


Sagot :

Answer:

$306

Step-by-step explanation:

In one year, the 2% annual interest would have been applied once. Therefore, your brother would pay you 1.02 * 300 which is 306.

Hope this helps :)

Answer:  306 dollars

===========================================

Work Shown:

i = P*r*t ..... simple interest formula

i = 300*0.02*1

i = 6

Your brother pays $6 in simple interest on top of the $300 in principal loaned to him. The total amount he pays back is 300+6 = 306 dollars.

----------

Another way to calculate the answer is to do these steps

A = P*(1+r*t)

A = 300*(1+0.02*1)

A = 300*(1.02)

A = 306

The 1.02 represents a 2% increase when going from 300 to 306.

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.