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Ariane borrow $500 on a 3−year loan. She i charged 5% imple interet per year. How much interet i he charged for 3 year? What i the total amount he ha to pay back?

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Tutorconsortium422

The interest charged for 3 years would be $75 ($500 x 0.05 x 3). The total amount Ariane has to pay back would be $575 ($500 + $75).

What does a simple interest mean?

Simple interest is calculated based on the principal of a loan or the initial deposit into a savings account. Simple interest doesn't compound, therefore a creditor will only charge interest on the principal sum, and a borrower will never be required to pay interest on interest that has already accrued.

How is a simple interest calculated?

To calculate simple interest, multiply the principal sum by the time period, interest rate, and time period. Simple interest is calculated as follows: "Simple Interest = Principal x Interest Rate x Time." This equation provides the simplest method for calculating interest.

To know more about simple interest visit:

https://brainly.com/question/25845758

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