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laiz [17]
3 years ago
11

Tommy Blox borrowed $4000 from a bank at 12% simple interest.After 3 years,he paid back the loan plus the interest.How much did

Tommy pay back altogether?
Mathematics
1 answer:
Juli2301 [7.4K]3 years ago
3 0

The formula we'll use for this is the simple interest formula, or:

Where:

<span><span>P is the principal amount, $4000.00.
</span><span>r is the interest rate, 12% per year, or in decimal form, 12/100=0.12.
</span><span>t is the time involved, 3....year(s) time periods.
</span><span>So, t is 3....year time periods.
</span></span>

To find the simple interest, we multiply 4000 × 0.12 × 3 to get that:

<span>The interest is: $1440.00</span>
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