Question

Your answer
(4) Fredrick borrows $ 1200 for 3 years at a rate of 5.6% per year simple
interest. Work out the total amount he pays back at the end of 3 years.
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Answer 1

Answer:

The total amount he pays back will be $1,401.6

Step-by-step explanation:

First off, we transform 5.6% to a decimal and multiply it by 3 (years), and that will get us 0.168. Then we use the total amount borrowed and multiply it by 0.168 (total interest for 3 years). Finally, we add that to our total amount borrowed and we get the final answer.

1200 + (1200 * 0.168) = 1,401.6  

Answer 2

The total amount he pays back at the end of 3 years is 1413.1 .

What is growth rate?

Growth rates refer to the percentage change of a specific variable within a specific time period.

According to the question

Fredrick borrows $ 1200 for 3 years at a rate of 5.6% per year simple

interest.

Principal amount P = $ 1200

Time t = 3 years

Growth Rate r = 5.6 % = 0.056

Total amount = $P(1+r)^{t}$

= $1200(1+0.056)^{3}$

= $1200(1.056)^{3}$

= 1413.1

The total amount he pays back at the end of 3 years is 1413.1 .

Find out more information about growth rate here

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