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

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
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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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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