Question

You borrow 11,500 at a 6% simple interest rate.

What is the total amount you will pay back in 3 years?

What is the total amount you will pay back in 5 years?

Answer 1

3 years: $36570

What I did:

So 6% of 11,500 is 690

`11500+690=12190`

`12190*3=36570`

5 years: $60950

What I did:

`12190*5=60950`

You dont have to do any extra work because you already have the money with the intrest rate. So all you had to do is multiply 12,190 by 5.