Answer to Question #233728 in Civil and Environmental Engineering for Alan Enrico V Tuib

Question #233728
A woman borrowed $2000 and agreed to repay it at the end of 3 years, together with 10% simple interest per year. How much will she pay 3 years hence?
1
Expert's answer
2021-09-06T00:50:25-0400

Principal amount: 2000

Period: 3 years (36 months)

Simple Interest rate: 10%

Therefore:

2000 + 3 X (2000 X 0.1) = 2600

The woman has to pay $2600 at the end of three years


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