Solve.
-Lucy borrows $3000 and agrees to pay it back in 7 years. If the simple interest rate is 11%, find the total amount she pays back.

Name: Solve. -Lucy borrows $3000 and agrees to pay it back in 7 years. If the simple interest rate is 11%, find the total amount she pays back.
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Question

Quizplus · Accepted Answer

The total amount paid back with simple interest is calculated as principal + (principal * rate * time). Here, it's $3000 + ($3000 * 0.11 * 7) = $3000 + $2310 = $5310.

Solve. -Lucy Borrows $3000 and Agrees to Pay It Back in in 7