Question

You want to borrow money to open your own frozen yogurt shop you borrow $13,000 and agreed to take over 4 years at a simple interest rate of 15%

Part A:How much simple interest will you pay after the 4 years?

Part B:How much will you end up paying back in total after the 4 years?

Answer 1

I = Prt
.. = 13,000*.15*4
.. = 7800

A) You will pay $7,800 in interest after 4 years.

B) You pay back the principal plus the interest.
.. $13,000 +7,800 = $20,800

Answer 2

Part A: 1950
Part B: 14000
I am probably not right
I don't know what interest is