Spencer borrowed $50 from his cousin, who charged him 6% simple interest each year. If Spencer pays his cousin back 3 years later, how much will he owe his cousin? A
$56
B
$59
С
$68
D
$6

Given:

Principal = $50

Rate of simple interest = 6%

Time = 3 years

To find:

The amount after 3 years.

Solution:

Formula for simple interest:

Where, P is principal, r is the rate of interest in percentage and t is the number of years.

Putting in the above formula, we get

Formula for amount is:

Where, P is principal and I is the simple interest.

Putting , we get

Therefore, the correct option is B.

step-by-step explanation: