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A bank offers an annual simple interest rate of 8% on home improvement loans. Tobias borrowed $17,000 over a period of 2 years. How much did he repay altogether? A. $1,360 B. $2,720 C. $18,360 D. $19,720
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A bank offers an annual simple interest rate of 8% on home improvement loans. Tobias borrowed $17,000 over a period of 2 years. How much did he repay altogether? A. $1,360 B. $2,720 C. $18,360 D. $19,720 whats the correct one

User Firda
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1 Answer

2 votes
Total money

= 17000 * (1 + 8\%) + 17000 * 8\%

= 17000 * {1.08} + 17000 * 0.08
=19720

The answer should be D
Hope I can help u
User Caity
by
7.1k points
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