Answered

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Gwen borrows $300 from her parents to buy a bike. She agrees to pay them back with 3% simple interest every month for one year. What is the total amount of money Gwen will owe her parents? *
Just enter the numerical portion of your answer - no dollar signs or change needed!

Sagot :

Clarch19idn

Answer:

309.12

Step-by-step explanation:

A = total amount

P = principal

r = interest rate

n = number of times interest is compounded

t = time (in years

A = P(1 + [tex]\frac{r}{n}[/tex])^nt

A = 300(1 + [tex]\frac{.03}{12}[/tex])^12 · 1

A = 300(1.0304)

A = 309.12

Kcmevuw9dnidn

Answer:

408

Step-by-step explanation:

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