Question

Casseia borrows $1,100 to buy new furniture for her dorm room. If the simple interest rate is 4.5 %, how much interest will she have to pay in 3 years?

Please a real answer with an explanation. Thank you so much!! :D

Answer 1

I’m pretty sure you do P = Price ($1,100), R = Rate (4.5%), then T = Time (3) then divide it by 100

1,100 • 4.5 • 3 = 14,850
14,850/100 = 148.5

So her interest in 3 years is $148.5