Vince borrows $900 to buy a couch. He will pay off the loan by paying 1.5% simple interest for 2 years. Vince incorrectly calculates the amount he will pay back using the expression below. 900 + 900(1.015 • 2) What is the correct amount Vince will pay back altogether? Explain the error in Vince’s expression.

[tex]\bf ~~~~~~ \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$900\\ r=rate\to 1.5\%\to \frac{1.5}{100}\to &0.015\\ t=years\to &2 \end{cases} \\\\\\ A=900(1+0.015\cdot 2)\implies A=\stackrel{\stackrel{recall}{\mathbb{PEMDAS}}}{900(1+0.03)}\implies A=900(1.03)[/tex]