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You borrowed $3,000 to help pay for your first car. If you have to pay 3% simple interest every year, and it takes you 4 years of payments to finish paying off the loan, what total amount will you have to pay back? SIMPLE INTEREST: I = Prt

You borrowed $3,000 \$ 3,000 to help pay for your first car. If you have to pay 3% 3 \% simple interest every year, and it takes you 44 years of payments to finish paying off the loan, what total amount will you have to pay back? SIMPLE INTEREST: I = Prt

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Full solution

Q. You borrowed $3,000 \$ 3,000 to help pay for your first car. If you have to pay 3% 3 \% simple interest every year, and it takes you 44 years of payments to finish paying off the loan, what total amount will you have to pay back? SIMPLE INTEREST: I = Prt
  1. Calculate Interest: Calculate the total interest using the simple interest formula I=PrtI = Prt. Reasoning: We need to find the interest first to add it to the principal amount. Calculation: I=($3,000)×3%×4 years=($3,000)×0.03×4=($360).I = (\$3,000) \times 3\% \times 4 \text{ years} = (\$3,000) \times 0.03 \times 4 = (\$360).
  2. Calculate Total Repayment: Calculate the total repayment amount by adding the interest to the principal.\newlineReasoning: The total amount paid back includes both the principal and the interest.\newlineCalculation: Total repayment = Principal + Interest = $3,000\$3,000 + $360\$360 = $3,360\$3,360.

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