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Popular Word Problems >

Susan loaned Adam 7550 at an interest rate of 15% for 3 years. How much will Adam pay Susan at the end of 3 years? Round your answer to the nearest cent, if necessary.

Solution

S u s an l o an e d A d am 7550 a t an in t eres t r a t e o f 15% f or 3 ye a rs . Ho w m u c h w i ll A d am p a y S u s an a t t h e e n d o f 3 ye a rs ? R o u n d yo u r an s w er t o t h e n e a res t ce n t, i f n ecess a ry .

Solution

Amount : 10947.5

Solution steps

Translate the problem into an equation:

A = 7550 (1 + 0.15 \cdot 3)

7550 (1 + 0.15 \cdot 3) = 10947.5

Amount : 10947.5

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