To buy a laptop computer, Elaine borrowed $2,000 for 3 years at an annual simple interest rate of 5%. How much interest will she pay if she pays the entire loan off at the end of the third year? What is the total amount that she will repay?

Rate of interest is the percent charged or earned. Time that ... 1) How much interest will he pay if he pays the entire loan off at the end of the third year? 2) What is the total amount that she will repay? ... To buy a laptop computer, Elaine borrowed $2,000 for 3 years at an annual simple interest rate of 5%. ... Use 0.05 for 5%.

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AFOKE88 AFOKE88 · Answer 2 · 2022-05-19T11:00:24+02:00

The total amount that she will have to repay after taking the loan for 3 years is; $2300

How to Calculate Simple Interest?

We are given;

Principal; P = $2000

time; t = 3 years

interest rate; r = 5%

Formula for simple interest is;

i = PRT/100

Thus;

i = (2000 * 5 * 3)/100

i = $300

Thus;

Total Amount she will repay = 2000 + 300 = $2300

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