Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent if necessary.
-Aubrey borrows $\$ 3000$ and agrees to pay it back in 9 years. If the simple interest rate is $9 \%$, find the total amount she pays back.
A) $\$ 24,300.00$
B) $\$ 2430.00$
C) $\$ 27,300.00$
D) $\$ 5430.00$

Question

Quizplus · Accepted Answer

The total amount paid back is calculated using the formula for simple interest: Total Amount = Principal + (Principal * Rate * Time). Here, Principal = $3000, Rate = 9% or 0.09, Time = 9 years. So, Total Amount = $3000 + ($3000 * 0.09 * 9) = $3000 + $2430 = $5430.

Solve the Problem $3000\$ 3000$3000 And Agrees to Pay It Back in 9 Years

Solve the Problem $\$ 3000$ And Agrees to Pay It Back in 9 Years