Solve the problem.
-You borrow $\$ 3200$ from a friend, agreeing to pay $8 \%$ simple interest on the loan. If you promise to pay the entire amount back after 3 years, how much money must you pay at that time?

Question

Quizplus · Accepted Answer

The interest can be calculated using the formula for simple interest: $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal amount (\$3200), $r$ is the annual interest rate (8% or 0.08), and $t$ is the time in years (3). So, $I = \$3200 \times 0.08 \times 3 = \$768$. The total amount to be paid back is the principal plus the interest: \$3200 + \$768 = \$3968.

Solve the Problem $3200\$ 3200$3200 From a Friend, Agreeing to Pay 8%8 \%8%

Solve the Problem $\$ 3200$ From a Friend, Agreeing to Pay $8 \%$