# Fall07:After a summer of travelling (and not working), a student finds himself $1,500 short for this

Fall07:After a summer of travelling (and

not working), a student finds himself $1,500 short for this years tuition

fees. His parents have agreed to loan him the money for three years at a simple

interest rate of 6 percent, with interest due at the end of each year.

A. How much interest will he owe his parents

after one year?

B. How much

will he owe, in total, after three years?

Topic: Simple

Interest

Level of difficulty: Easy