if you borrow $350 for 7 years at an annual interest rate of 30%, what is the total amount of money you will…

Explanation:

Step1: Calculate the interest

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P=$350$, $r = 0.3$ (since $30%=0.3$), and $t = 7$ years. $I=350\times0.3\times7$ $I = 350\times2.1$ $I = 735$

Step2: Calculate the total amount to be paid back

The total amount $A$ to be paid back is the sum of the principal $P$ and the interest $I$. $A=P + I$ $A=350+735$ $A = 1085$

Answer:

$1085$