Question

A man uses a loan program for small businesses to obtain a loan to help expand his vending machine business. The man borrows ​$22,000 for 2 years with a simple interest rate of ​1.8%. Determine the amount of money the man must repay after 2 years.

Answer 1

F = 28,000 * (1 + .012 * 2)
time periods are in years.
r = 1.2% / 100 = .012 per year
n = 2 years
p = 28,000
solve for f to get:
f = 28,672
that's what must be repaid after 2 years.