How much will he have to repay?

icon
Related questions
Question

A student borrows $3000 from his uncle in order to finish school. His uncle agrees to charge him simple interest at the rate of 5.5% per year. Suppose the student waits two years and then repays the entire loan. How much will he have to repay?

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Credit Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.