SOLUTION: Topics In Contemporary Math 21: Simple Interest 1) Suppose we borrow $250 to buy the sweet new sneakers and promise to pay the amount back with 3% interest. How much inter

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Question 1193712: Topics In Contemporary Math
21: Simple Interest
1) Suppose we borrow $250 to buy the sweet new sneakers and promise to pay the amount back with 3% interest. How much interest will we have to pay? What will be the total amount we pay for the new sneakers?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
simple interest I=prt.
We know p ($250) and we know r (0.03). We do not know t, the time. If you get the time in years, multiply the 3 variables together, and that is the interest paid.
Add $250 to it, and that is what has to be paid back.