SOLUTION: Lisa wants to buy a new boat but needs money for the down payment. Her parents agree to lend her money at an annual rate of 6%, charged as simple interest. They lend her $3000 for
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Question 1168520: Lisa wants to buy a new boat but needs money for the down payment. Her parents agree to lend her money at an annual rate of 6%, charged as simple interest. They lend her $3000 for 2 years. She makes no payments except the one at the end of that time.
Answer the following questions. If necessary, refer to the list of financial formulas. 1.How much total interest will Lisa have to pay? 2.What will the total repayment amount be (including interest)? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! I=prt=3000*0.06*2=$360 of interest owed at the end of that time.
The total repayment is the principal plus the interest, or $3360.
