Answer:
$1,326
Step-by-step explanation:
You are going to want to use the simple interest formula for this.
[tex]I=Prt[/tex]
I = interest amount
P = principal amount
r = interest rate
t = time
First, change 1.7% into its decimal form:
1.7% -> [tex]\frac{1.7}{100}[/tex] -> 0.017
Next plug in the values into the equation:
[tex]I=26,000(0.017)(3)[/tex]
[tex]I=1,326[/tex]
After three years, he must repay $1,326.
