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A bank offers a home improvement loan with simple interest at an annual rate of 12%. J.T. borrows an amount of $14,000 to pay back over 3 years. How much will he pay back altogether? Explain how you found
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A bank offers a home improvement loan with simple interest at an annual rate of 12%. J.T. borrows an amount of $14,000 to pay back over 3 years. How much will he pay back altogether? Explain how you found the total amount.

User Matthew Boynes
by
8.1k points

1 Answer

5 votes

12%*14000*3

Which is 5040

Therefore, it will have to pay back $4050

User Lazy Ninja
by
8.2k points
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