Question

Clarke borrows $16000 to buy a car he pays simple interest at an annual rate of 6% over a period of 3.5 years how much does he pay all together?

Answer 1

Clarke borrows $16000 to buy a car he pays simple interest at an annual rate of 6% over a period of 3.5 years how much does he pay all together?
Let’s calculate
=> 16 000 dollars is the amount he borrowed
=> 6% is the annual interest
=> 3.5 years us the total years that he will be paying it.
Solutions:
=> 16 000 dollars * .06 = 960 dollars is the annual interests
=> 960 * 3.5 = 3 360 dollars for 3.5 years
=> 16 000 + 3 360 = 19 360 dollars