Ben takes out a personal loan of £1200 with a simple interest rate of 20% for a term of 3 years how much is the total cost of th
e personal loan after 3 years?
1 answer:
Answer:
$1920
Step-by-step explanation:
Original amount: £1200 x Simple interest rate: 0.2 x number of years: 3 = 720
Add Original onto simple interest
£1200 + £720 = £1920
Total Cost of personal loan after 3 years = £1920
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