Mary takes out a loan for $1000 at a simple interest rate of 5% for a period of 3 years. Calculate the total amount that Mary must pay back at the end of the loan period. Round your answer to two decimal places
Mary takes out a loan for $1000 at a simple interest rate of 5% for a period of 3 years. Calculate the total amount that Mary must pay back at the end of the loan period. Round your answer to two decimal places
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter4: Going Into Debt
Section4.1: Americans And Credit
Problem 6R
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Mary takes out a loan for $1000 at a simple interest rate of 5% for a period of 3 years. Calculate the total amount that Mary must pay back at the end of the loan period. Round your answer to two decimal places
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