contestada

Stefan borrowed $8,950
for an engagement ring. At
a 6.85% simple interest rate,
how much total will he have
paid after 6 years?

Respuesta :

abidemiokin

The amount after 6 years is $12,628.45

Simple interest

The formula for calculating the compound interest is expressed as:

I = PRT

  • P is the principal = $8,950
  • r is the rate = 6.85% = 0.0685
  • T is the tim = 6 years

Get the interest

I = 8950 * 0.0685 * 6

I = $3,678.45

Amount after 6 years  = 8950 + 3,678.45

  • amount after 6 years = $12,628.45

Hence the amount after 6 years is $12,628.45

Learn more on simple interest here: https://brainly.com/question/25793394

Otras preguntas