A student borrows ​$6000 for tuition to be paid back at a simple interest rate of 5% in 3 months. How much does hehe pay back in 3 ​months?

Question

A student borrows $6000 for tuition to be paid back at a simple interest rate of 5% in 3 months. How much does hehe pay back in 3 months?

Answer 1

Take 5% of the $6000 and add it to the $6000 to get the total owed.

0.05 x $6000 = $300

$6000 + $300 = $6300 Total Payback