Question

Rolex borrowed $3200 from his credit union for 4 years. He was charged 9.8% simple interest. What was the total amount he owed the credit union?

Answer 1

$4,454.40

Explanation:

First you use the simple interest formula: `P*r*t`
`3200*.098*4=1254.40`
Then you add this amount of interest to the principal
`1254.40+3200=4454.40`
So Rolex owes $4454.40