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15 May, 10:37

Kate borrowed $400 from her friend. She will repay this amount plus 3 percent simple interest after one year. What is the total amount she will pay her friend?

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  1. 15 May, 11:00
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    The answer is $412.

    Let's first calculate simple interest. Simple interest (I) can be expressed as:

    I = P * r * t

    P - principal

    r - rate

    t - time period

    It is given:

    I = ?

    P = $400

    r = 3% = 0.03

    t = 1 year

    Therefore:

    I = P * r * t = 400 * 0.03 * 1 = 12

    The total amount Kate will repay is the principal amount (P) plus 3% simple interest (I):

    P + I = 400 + 12 = $412
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