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
1 answer:
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
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