Question

Austin borrowed $3000 from the bank at a rate of 2.25% simple interest per year. How much total did he have to pay back after 5 years?

Answer 1

Austin will have to pay $33,750 for the simple interest.

Explanation:

2.25% into decimal = 0.0225

0.0225 x 3000 = 6750

6750 x 5 = 33750