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?

Question

anonymous · Answer

The formula for simple interest is:
$$I = p \times r \times t$$
I = Interest
p = amount borrowed/principal
r = rate (the percent)
t = time

anonymous · Answer

Input the values known in your question into the equation...

anonymous · Answer

So, it would look like this:
$$I = $400 \times 0.03 \times 1$$

(Tip: You always change the percent into a decimal. You can do this by moving the decimal place two places to the right.)

Solve the equation above to get your answer.

anonymous · Answer

Thank you

anonymous · Answer

Anytime!

anonymous · Answer

Woops, I noticed an error. You can change a percent to a decimal by moving the decimal point two places to the LEFT.