Question

a bank offers a home improvement loan with simple interest at an annual rate of 12% j.t. borrow $14000 over a period of 3 years how much will he pay back altogather

Answer 1

Simple interest means you just multiply the total times the interest amount

14000*.12 = $1680
Since it is annual interest and it is 3 years of payments we have to multiply the interest by 3

$1680*3 = $5040

Add the total interest to the starting sum for your answer:

$14,000 + $5040 = $19,040 total paid back