A bank offers an annual simple interest rate of 6% on home improvement loans. How much would Tobias OWE IN ALL if he BORROWED $1
2,000 over a period of 3 years?
1 answer:
Answer: $14160
Step-by-step explanation:
Simple interest would be calculated as:
= PRT/100
where,
P = Principal = $12000
R = Rate = 6%
T = Time = 3 years
Simple interest = ($12000 × 6 × 3)/100
= $216000/100
= $2160
The amount that Tobias owe in all would be:
= $12000 + $2160
= $14160
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