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Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the loan.

P represents the principal or amount taken as loan

R represents interest rate

T represents the duration of the loan in years.

1) From the information given,

P = cost of gym = $2200

R = 6%

T = 3 years

I = (2200 × 6 × 3)/100 = $395

The total amount that he would pay after 3 years is

2200 + 395 = $2596

If he decides to continue going to the gym, the total amount that the would pay in 3 years(3 × 12 = 36 is

80 × 36 = 2880

Therefore, paying for the gym would cost more. He should take the loan.

2) if she takes the loan, the interest would be

I = (18000 × 7.5 × 5)/100 = $6750

The total amount that she would pay back after 5 years is

6750 + 18000 = $24750

Since the value that would be added to her house is $25000, therefore, she should buy it.

3) if he takes a loan of $1000 at 7% interest for 1 year, the interest would be

I = (1000 × 7 × 1)/100 = $70

The total amount that he would pay back is

1000 + 70 = $1070

If bottled water costs $7 per week and there are 52 weeks in a year, the cost of getting it for a year is

7 × 52 = $364

The difference in the costs after 1 year is

1070 - 364 = $706

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step-by-step explanation: