Question

To buy a computer, Ms. Paul borrowed $3,000 at 9% interest for 4 years. How much money did she have to pay back?

Answer 1

Answer:

$\text{ \ 4,080}$

Explanation:

Here, we want to get the value of the amount that Ms Paul has to payback

Mathematically, we have that as:

$\text{ Amount Borrowed + Interest}$

The interest is 9% which we can calculate as follows:

$I\text{ = }\frac{PRT}{100}$

where P is the principal which is the amount borrowed = $3,000

R is the interest rate which is 9%

T is time which is 4 years

Substituting the values, we have it that:

$I\text{ = }\frac{3000\times9\times4}{100}\text{ = \ 1,080}$

Finally, we have the amount she paid back as:

$\text{ \ 3000 + \ 1080 = \ 4,080}$