Answered

Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Join our platform to connect with experts ready to provide precise answers to your questions in different areas. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Conan borrows $3,000 at a yearly simple interest rate of 1. 6% for 2 years. He owes in interest. He needs to pay back in all

Sagot :

[tex]~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$3000\\ r=rate\to 1.6\%\to \frac{1.6}{100}\dotfill &0.016\\ t=years\dotfill &2 \end{cases} \\\\\\ I = (3000)(0.016)(2)\implies I=96~\hfill \underset{\textit{to pay back in all}}{\stackrel{3000+96}{3096}}[/tex]

We hope this was helpful. Please come back whenever you need more information or answers to your queries. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.