You barrow $500 from your parents to buy a new computer. your parents charge 3% simple interest and give you two years to repay the money.

a) hoW much interest did you pay on the loan ?

The answer is 30

I = PRT

I = 500 * 0.03 * 2

what is the amount of money that you owe your parents?

To calculate the interest paid on the loan, you need to use the formula for simple interest: Interest = Principal x Rate x Time. In this case, the Principal is $500, the Rate is 3% (which we convert to a decimal by dividing by 100, making it 0.03), and the Time is 2 years.

Using the formula, we can calculate the interest:
Interest = $500 x 0.03 x 2

Multiplying those values together, we get:
Interest = $30

Therefore, you would pay $30 in interest on the loan.