Answer:
Total interest to be paid: $210
Total amount to be repaid: $3,710
Step-by-step explanation:
You can ignore the monthly payment for this problem.
For simple interest, the formula is I = PRT where I = interest earned, P = principal amount borrowed/deposited, R = rate as a decimal, and T = time in years.
I = (3,500)(0.06)(1)
I = 210
Then add that to the amount borrowed ($3,500) and you're done.
3,500 + 210 = $3,710
Please let me know if you have questions.
