Answer:
Marsha must pay in 2 years [tex]\$9,100[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
where
A is the amount of money to pay
P is amount of money borrowed
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=2\ years\\ P=\$7,000\\ A=?\\r=15\%=15/100=0.15[/tex]
substitute in the formula above
[tex]A=7,000(1+0.15*2)[/tex]
[tex]A=7,000(1+0.30)[/tex]
[tex]A=7,000(1.30)[/tex]
[tex]A=\$9,100[/tex]
therefore
Marsha must pay in 2 years [tex]\$9,100[/tex]
