The total amount paid by Marsha will be equal to $10800.
What is simple interest?
The amount of interest calculated on the principal amount over a whole year of the loan amount is called simple interest.
Given that:-
- Marsha waide borrows $9,000 and agrees to pay it back in 2 years. if the simple interest rate is 10%
The total amount will be calculated as:-
SI = ( 9000 x 2 x 10 ) / 100
SI = 1800
So total amount will be = 9000 + 1800 = $10800
Therefore the total amount paid by Marsha will be equal to $10800.
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