A bank charges 5% simple interest on a certain loan. If you borrow $10,000 to buy a car and it takes you 6 years to pay off the
loan, how much total will you pay
1 answer:
Answer:
$13000
Step-by-step explanation:
Rate = 5% = 5 / 100 = 0.05
Principal (P) = $10,000
Time(T) = 6years
Simple Interest (S.I) = P(1 + rt)
S.I = 10000 (1 + 0.05 * 6)
S.I = 10000*(1.3)
S.I = $13000
The total amount to be paid is $13000
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