Question

Thomas needed a load. he borrowed 24,000$ from the bank at a rate of 8.25% of simple interest for 36 months. what was the total amount he had to pay back?

Answer 1

Explanation:

principal= 24000$

rate=8.25%

time=36months=3years

now,

simple interest =PTR/100

=24000×8.25×3/100

=594000/100

=5940

so,

amount=simple interest +principal

=5940+24000

=29940$

he had to pay back 29940$

hope it could help