SOLUTION: Topics In Contemporary Math 21: Simple Interest 2) Hawkgirl borrowed $4000 from Bruce Wayne to purchase a new mace. But the Batman charges interest…in the night. He expe

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Question 1193713: Topics In Contemporary Math
21: Simple Interest
2) Hawkgirl borrowed $4000 from Bruce Wayne to purchase a new mace. But the Batman charges interest…in the night. He expects the full amount back, plus 15% interest. How much does Hawkgirl have to pay the Bat in total?
Answer by math_tutor2020(3817) About Me  (Show Source):
You can put this solution on YOUR website!

There isn't enough information. We're not given how long the loan duration is.

However, as an example, let's say the timeline is exactly 1 year
Let's calculate the simple interest
i = P*r*t
i = 4000*0.15*1
i = 600
The $600 is the interest to be paid on top of the original $4000 borrowed.

The total cost would be 4000+600 = 4600 dollars only if the loan payback duration is 1 year. The answer of course would be different for another value of t.