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Nina [5.8K]
3 years ago
5

Clarke borrows $16,000 to buy a car. He pays simple interest at an annual rate of 6% over a period of 3.5 years. How much does h

e pay altogether?
Mathematics
1 answer:
mr Goodwill [35]3 years ago
4 0

Answer:

The total amount he will altogether be: $19360

Step-by-step explanation:

Given

  • Amount Borrowed = P = $16,000
  • Interest rate = r =  6% = 6/100 = 0.06
  • Time period = t = 3.5 years

To determine

  • Amount of interest = I
  • Total Amount altogether = A

Using the formula

I = Prt

substituting the values P = 16,000, r = 0.06, t = 3.5 years

I = 16,000 × 0.06 × 3.5

I = $3360

Thus, the interest amount = $3360

Therefore, the total amount he will altogether:

A = P + I

A = 16,000 + 3360

A = $19360

Therefore, the total amount he will altogether be: $19360

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