Question: Your uncle lent you $ 3 , 0 0 0 for tuition and wants to be repaid in 8 months. As you re his favorite

Your uncle lent you $3,000 for tuition and wants to be repaid in 8 months. As youre his
favorite niece/nephew, hes offering the family rate of 12%(per annum) using simple
interest. What will the amount you need to repay in 8 months (principle and interest)
using simple interest. Show your work.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!