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Salma wants to buy a new house but needs money for the down payment. Her parents agree to lend her money at an annual rate
Salma wants to buy a new house but needs money for the down payment. Her parents agree to lend her money at an annual rate of 3%, charged as simple interest. They lend her $3000 for 5 years. She makes no payments except the one at the end of that time. Answer the following questions. If necessary, refer to the list of financial formulas. ? (a) How much total interest will Salma have to pay? $] BA (b) What will the total repayment amount be (including interest)? $]
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