What is the total amount of a 3-year loan of $1000 to be repaid at an interest rate of 5%, using the simple interest method? a. $383.33 b. $150 c. $1450 d. $1150
What is the total amount of a 3-year loan of $1000 to be repaid at an interest rate of 5%, using the simple interest method? a. $383.33 b. $150 c. $1450 d. $1150
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Question
What is the total amount of a 3-year loan of $1000 to be repaid at an interest rate of 5%, using the simple interest method?
a.
$383.33
b.
$150
c.
$1450
d.
$1150
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