Answers2027 Ignite Financial Literacy-Personal Finance - EL3403Financial Responsibility

Credit and Loans Answers

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Use the formula for simple interest.A=(P)(r)(t)Remember, A refers to the interest accrued.Calculate the total interest Tom would pay, in addition to paying back his $9,000 in principal.

A
$970
B
$1,970
C
$2,970
D
$3,970
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What did you include in your answer? Check any that apply.

A
the fact that the compound interest loan will require a smaller total repayment
B
the fact that the simple interest loan has a rate that is too high

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