3nnrvad2s5idn
Answered

IDNLearn.com is the perfect place to get detailed and accurate answers to your questions. Get thorough and trustworthy answers to your queries from our extensive network of knowledgeable professionals.

Spencer borrowed $50 from his cousin, who charged him 6% simple interest each year. If Spencer pays his cousin back 3 years later, how much will he owe his cousin?
A
$56
B
$59
С
$68
D
$6

Sagot :

Given:

Principal = $50

Rate of simple interest = 6%

Time = 3 years

To find:

The amount after 3 years.

Solution:

Formula for simple interest:

[tex]I=\dfrac{P\times r\times t}{100}[/tex]

Where, P is principal, r is the rate of interest in percentage and t is the number of years.

Putting [tex]P=50,\ r=6,\ t=3[/tex] in the above formula, we get

[tex]I=\dfrac{50\times 6\times 3}{100}[/tex]

[tex]I=\dfrac{900}{100}[/tex]

[tex]I=9[/tex]

Formula for amount is:

[tex]A=P+I[/tex]

Where, P is principal and I is the simple interest.

Putting [tex]P=50,\ I=9[/tex], we get

[tex]A=50+9[/tex]

[tex]A=59[/tex]

Therefore, the correct option is B.

Your engagement is important to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. IDNLearn.com is dedicated to providing accurate answers. Thank you for visiting, and see you next time for more solutions.