Question: After a summer of travelling and not working a student

After a summer of travelling (and not working), a student finds himself $1,500 short for this year’s tuition fees. His parents have agreed to lend him the money for three years at a simple interest rate of 6 percent, with interest due at the end of each year.
a. How much interest will he owe his parents after one year?
b. How much money will he have paid, in total, at the end of three years?

View Solution:

Sale on SolutionInn
  • CreatedFebruary 25, 2015
  • Files Included
Post your question