Jess borrows $250 from the bank. The bank charges 11% simple interest over 2 years. How much will Jess owe the bank at the end of 2 years? $27.50 $55.00 $277.50 $305.00

$305.00

Step-by-step explanation:

Use the formula I = prt, where I is the interest money created, p is the starting amount of money, r is the interest rate as a decimal, and t is time.

I = prt

I = 250(0.11)(2)

I = 55

Add 55 to the amount he borrowed:

250 + 55

= $305.00

Step-by-step explanation:

We can use the simple interest formula to calculate for the interest.

Calculating the interest over the two years:

Adding the interest to the principal amount:

Jess will owe the bank $305.00 at the end of the 2 years.

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step-by-step explanation: