Maya will buy a new pair of skis for $850.00. She has $400.00 in her savings account. Her parents will loan her the rest. Maya decides to borrow all $850.00 from her parents. Her parents charge her a simple annual interest rate of 5%. She will pay back the loan in 2 years. How much more will she pay to repay the loan than if she had borrowed only the amount she needed?
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here