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Dante wants to buy a new sound system for his room. He borrows $500 from his older sister and agrees to pay her 6% simple annual interest. How much interest will Dante owe at the end of 3 years?

Respuesta :

autumnfeldkamp
0.18 6%*3= 0.18 is the answer 
JeanaShupp

Answer:   $90

Step-by-step explanation:

The formula we use to find the simple interest is given by :-

[tex]I=Prt[/tex], where P is the principal amount ,r is the rate of interest ( in decimal) and t is the time period ( in years).

Given : Dante borrows $500 from his older sister and agrees to pay her 6% simple annual interest.

i.e. P=$500     ;   r=6%=0.06

Now, the simple interest Dante will owe at the end of 3 years will be :-

[tex]I=500\times0.06\times3=90[/tex]

Hence, Dante will owe $90 as interest at the end of 3 years.

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