Ask Question
23 June, 00:48

You borrow $1900 to buy a refrigerator. The simple interest rate is 11%. You pay off the loan after 5 years. How much do you pay for the loan?

+5
Answers (1)
  1. 23 June, 01:02
    0
    I = PRT is the formula to use for this.

    I = (1900) (.11) (5)

    I = 1045

    1900 + 1045 = 2945

    I need to pay $2945 for the refrigerator.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “You borrow $1900 to buy a refrigerator. The simple interest rate is 11%. You pay off the loan after 5 years. How much do you pay for the ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers