Respuesta :
The Simple interest paid is $180, and the total repayment amount that must be paid is $3180.
It follows that:
$3,000 for the principal.
Interest rate, R = 2%
T = 3 years for time
(a) Interest paid in full:
The formula for simple interest is as follows:
SI = P * T* R /100
Using P, R, and T quantities to calculate simple interest
SI = PTR/100
SI = 3000 * 3 *2 /100
SI = $180
(b) Total repayment amount:
(b) Total repayment amount:
Amount equals Principal plus Simple Interest
Amount = Principal + Simple Interest
Amount = 3000 + 180 = $3180
So, Total repayment amount = $3180
Therefore, the simple interest paid and the total repayment amount which should be paid is $180 and $3180 respectively.
To learn more about Simple Interest click here:
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