Question

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Lisa borrows $2850 at 4.3% simple interest per year. When Lisa pays the loan back 9 years later, what is the total amount that Lisa ends up repaying?

Answer 1

The future amount of money that is invested at current with a simple interest is calculated through the equation,

 F = P x (1 + in)

where F is the future worth, P is the present worth, i in the interest, and n is the number of years. substituting the knonw values,
  
 F = ($850)(1 + 0.043*9)

Simplifying,
   F = 1178.95

Answer: 1178.95