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Annie paid 12800 pounds at end of 10 years
<em><u>Solution:</u></em>
Given that Annie borrows 8000 pounds at simple interest rate of 6 %
She also agrees to pay the loan back over a 10 year period
To find: total money paid back at the end of 10 years
The total amount paid is given as:
Total amount = simple interest + principal amount borrowed
The simple interest is given as:
Where, "p" is the principal sum
"n" is the number of years
"r" is the rate of interest
Here, p = 8000 ; r = 6 % ; n = 10 years
Therefore total amount paid at end of 10 years is:
Total amount = 4800 + 8000 = 12800
Thus Annie paid 12800 pounds at end of 10 years