At the beginning of the year, Mr. Simms took out a $3,000 loan from a bank that charges a
simple interest rate of 6%. He plans to save
$3,500, which he will use to pay back the entire
amount of the loan plus interest at the end of
the year.
Exactly how much money will remain after he
pays back the loan amount and interest?
Use: A = P(1 + rt)
$30
A