Respuesta :
SOLUTION
Chloe borrowed $3,500 at 1.25% interest rate for 3 years. Let's first find the interest on the money she borrowed. This becomes
[tex]\begin{gathered} \text{Simple interest I = }\frac{P\times R\times T}{100} \\ \text{Where P = the principal which is the money borrowed = \$3,500} \\ R\text{ = interest rate = 1.25\%} \\ T\text{ = time = 3 years } \\ I\text{ = }\frac{P\times R\times T}{100} \\ \\ I\text{ = }\frac{3500\times1.25\times3}{100} \\ \\ I\text{ = }\frac{13125}{100} \\ \\ I\text{ = \$131.25} \end{gathered}[/tex]The interest = $ 131.25. She will pay back an amount of = P + I
Amount = 3500 + 131.25 = $3,631.25
