paul borrows 1310 at 2% simple intrest per month. when paul pays the loan back 5 years later, what is the total amount that paul

Question

3 years ago

7

end up paying answer

1 answer:

soldier1979 [14.2K] · Answer 1 · 2022-03-08T09:45:14+03:00

Answer: The total amount that Paul will end up paying is $1441

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the loan.

P represents the principal or amount taken as loan

R represents interest rate

T represents the duration of the loan in years.

From the information given,

P = 1310

R = 2%

T = 5 years

I = (1310 × 2 × 5)/100 = $131

The total amount that Paul will end up paying is

1310 + 131 = $1441