A bank offers an annual simple interest rate of 8% on home improvement loans. Tobias borrowed $17,000 over a period of 2 years.
How much did he repay altogether?
A. $1,360
B. $2,720
C. $18,360
D. $19,720
Please show your work! Thank you so much :)
1 answer:
We first find out the amount in dollars of interest accrued after 2 years time.
Interest = Prt
where P is the principal, r is the rate and t is time
8% written in decimal fraction → 8/100 → 0.08
Interest = 17000 × 8% × 2
Interest = 1700 × 0.08 × 2
Interest = 2,720 dollars
We add the principal and the interest to get full amount paid, so:
17000 + 2,720 = 19,720
Therefore the answer is D
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