SOLUTION: denyse borrowed $20,000 from her grandfather to start a bakery. she repaid him after 3 years. the annual simple interest rate was 7%. determine the total amount she repaid.

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Question 1074703: denyse borrowed $20,000 from her grandfather to start a bakery. she repaid him after 3 years. the annual simple interest rate was 7%. determine the total amount she repaid.
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+A+=+P%2A%28+1+%2B+r%2At+%29+
+P+=+20000+
+r+=+.07+
+t+=+3+
+A+=+20000%2A%28+1+%2B+.07%2A3+%29+
+A+=+20000%2A%28+1+%2B+.21+%29+
+A+=+20000%2A1.21+
+A+=+24200+
She repaid $24,200