SOLUTION: Morty loaned Ferdie $2,500 for 1 year at 8%. At the end of the year, how much did Ferdie have to pay back ?

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Question 763841: Morty loaned Ferdie $2,500 for 1 year at 8%. At the end of the year, how much did Ferdie have to pay back ?
Answer by lenny460(1073) About Me  (Show Source):
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Morty loaned Ferdie $2,500 for 1 year at 8%. At the end of the year, how much did Ferdie have to pay back ?
Simple Interest Formula: Principal * Rate * Time
Principal = $2,500
Rate = 8% or 0.08
Time = 1
Therefore:
2,500 * 0.08 * 1 = 200

Therefore the Interest is $200.
Answer:
Ferdie paid back $2,500 + $200 = $2,700










Lennox Obuong
Algebra Tutor
Nairobi, Kenya
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