Eric borrowed $3000 from his dad and agreed to pay his dad back the principal plus a rate of 3% simple interest. How much interest Alex will owe his dad after 2 years?

Question

asked Jan 7, 2018 121k views

1 Answer

Jmini · Answer 1 · 2018-01-11T03:43:09+0000

To find the answer, you can use I = p*r*t
Substitute I for interest, p for principle, r for rate, t for time-
I = p*r*t
I = 3000 * 0.03 * 2
I = 180