Mike borrowed $22,000 from his uncle to start a business. He repaid him after 3 years. The annual simple interest rate was 7.25%. Determine the total amount he repaid.
2007-11-11 01:34:47 · 4 answers · asked by jewel7962002 1 in Science & Mathematics ➔ Mathematics
he pays 7.25% of $22000 per year for 3 years
so the total amount of interest is
7.25% x 22000 x 3
= (7.25/100) x 22000 x 3
= 7.25 x 220 x 3
= $4785
so the total amount he must repay is
22000 + 4785 = $26785
.,.,.,
2007-11-11 01:45:34 · answer #1 · answered by The Wolf 6 · 1⤊ 0⤋
I = P * T * r /100
= 22000 * 3 * 7.25/100
= 4785
Amount to be paid..
= P + I = $26,785.
2007-11-11 01:49:26 · answer #2 · answered by Adobe 3 · 0⤊ 0⤋
I = P * T * r /100
= 22000 * 3 * 7.25/100
= 4785
Amount to be paid..
= P + I = $26,785.
this will help you
2007-11-11 02:09:43 · answer #3 · answered by avril 1 · 0⤊ 0⤋
22,000 x 1.0725 = A = year one with interest
A x 1.0725 = B = year two with interest
B x 1.0725 = year three with interest = your answer
tada!
2007-11-11 01:44:09 · answer #4 · answered by tom4bucs 7 · 0⤊ 0⤋