You borrow $10,000 to buy a carThe simple interest rate is 3%. You pay the loan oft after 6 years. What is the total amount you
paid for the loan?
1 answer:
Answer:
Step-by-step explanation:
Amount loaned = $10,000
Interest rate = 3%
Duration = 6 years
10,000 / 100 x 3/1 × 6
= 300 × 6
= 1800 + 10,000
Total Amount to pay
= $11,800
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