Question

You take out a loan from the bank for $4350. The bank charges an annual simple

interest rate of 15% and you are going to pay the loan back in 4 years. What is the
total amount of INTEREST you will pay back to the bank?

Answer 1

I think the total amount would be $2610

Explanation:

because you would multiply $4350 times 15% to get 652.5 a year so just multiply that by 4 and you have your answer which is $2610 the total amount of interest.

Answer 2

He will have $4491.38 after 5 year

Step-by-step explanation

Simple Interest = (Principal × rate × time)/100

SI = (4350 × 0.65 × 5)/100

SI = 141.375

Interest after 5 years = $141.38

The total money he will have after 5 years is

$4350 + $141.38

= $4491.38