Marsha Waide borrows $6,500 and agrees to pay it back in 4 years. If the simple interest rate is 13%, find the total amount she pays back
Added by Shamellia G.
Step 1
The formula for simple interest is I = PRT, where P is the principal amount (the initial amount of money), R is the annual interest rate in decimal form, and T is the time in years. In this case, P = $6,500, R = 13% = 0.13, and T = 4 years. Show more…
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