SOLUTION: PLZ HLEP!! i did it but not sure if i did it right Cynthia decides to buy some furniture for her new house. She doesn�t have the money so she borrows $6,000 from her father. She a

Question 585409: PLZ HLEP!! i did it but not sure if i did it right
Cynthia decides to buy some furniture for her new house. She doesn�t have the money so she borrows $6,000 from her father. She agrees to pay her father back after 60 months with 4.5% simple interest. How much will she pay back to her father in total?
my answer is $7350
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
You are correct. She'll have to pay back the original $6000 loaned to her and an additional 6000(0.045)(5) = $1350 in interest, which means she'll pay back a total of 6000+1350 = $7350
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