Question

Albert borrowed $12,000 at a

simple interest rate of 6.9%. He paid
off the loan in 5 years. What is the
total amount that Albert paid?

Answer 1

B) $16,140

Explanation:

I=P.R.T

I=(P=12000)(R=6.9%)(T=5)

Convert R into decimal .069

(12000(.069)(5)=4140

I=4140

Add Original amount borrowed and interest

12000+4140=$16,140

Total amount paid $16.140

Answer 2

the answer is A

Explanation: