SOLUTION: 2. Find the total cost of a sofa if the ticket price was $950 and the furniture store set up a simple interest loan for 2 years with an interest rate of 6.5%.

Algebra ->  Equations -> SOLUTION: 2. Find the total cost of a sofa if the ticket price was $950 and the furniture store set up a simple interest loan for 2 years with an interest rate of 6.5%.       Log On


   

Question 486130: 2. Find the total cost of a sofa if the ticket price was $950 and the furniture store set up a simple interest loan for 2 years with an interest rate of 6.5%.

Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=Prt
I=950*0.065*2
I=123.50
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950+123.50=$1073.50