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Exercise 20

Avg difficulty 2.5

For each of the following scenarios, determine which formula from sections 2.2-2.4 to use and solve the problem.

You loan your sister $500 for two years and she agrees to pay you back with 3% simple interest per year. How much will she pay you back

Lee et al., Math in Society, §2.4 Loan Payments, Exercise 20

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Adapted from Math in Society © 2018–2024 Portland Community College Math Instructors. Licensed under CC BY-SA 4.0. Source: Math in Society. Imported at revision 68ee43c.