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 ?

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
Email: lennoxobuong@yahoo.com