Question

Alice Took out a simple interest want to purchase carpet interest on the loan was 1081.43 if the interest rate was 9.75% for 3 years what was the price of the carpet

Answer 1

$3697.20

Explanation:

The applicable simple interest formula is ...

I = Prt

Fill in the give numbers and solve for P.

1081.43 = P·0.0975·3

1081.43/0.2925 = P ≈ 3697.20

Alice's carpet cost $3697.20.