Answer:
Step-by-step explanation:
A=P(1+rt)
A=10000(1+.056(3))
A=10000(1.168)
A=$11680
Remy took the loan for [tex]\$10,000[/tex] at an annual interest rate of [tex]5.6\%[/tex] and paid off the loan in [tex]36[/tex] months. She paid [tex]\$11680[/tex] Drop-down in all.
Interest is the charge you pay when you borrow money from someone or the cost you charge to lend money to someone.
Simple Interest [tex]=\frac{Principal \ * \ Rate \ * \ Time}{100}[/tex]
We have,
Principal[tex]=\$10,000[/tex],
Interest rate [tex]=5.6\%[/tex]
Time[tex]=36[/tex] months [tex]=3 years[/tex]
So,
Interest [tex]=\frac{Principal \ * \ Rate \ * \ Time}{100}[/tex]
[tex]=\frac{10,000*5.6*3}{100}[/tex]
Interest [tex]= 1680[/tex]
So,
Total amount to be paid [tex]=( 10,000+1680)=\$11680[/tex]
So, the loan for [tex]\$10,000[/tex] at an annual interest rate of [tex]5.6\%[/tex] and time of [tex]36[/tex] months be paid [tex]\$11680[/tex] Drop-down in all.
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