A bank offers an annual simple interest rate of 9% on home improvement

Mathematics

1 answer:

blagie [28]3 years ago

3 0

Answer:

Tobias repayed a total of $7,200.

Step-by-step explanation:

If Tobias borrowed $20,000, and the annual interest rate is 9% of this <em>per year, </em>then we need to find 9% of 20,000.

20,000 x 0.09 = 1,800

Therefore, the yearly interest rate is $1,800. Now, we need to multiply this by 4.

1,800 x 4 = 7,200

Therefore, Tobias repayed a total of $7,200.

Hope this helps! :D

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