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You borrow $1200 to buy a piano. the simple interest rate is 12%. you pay off the loan after 4 years. how much do you pay for the loan?
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5 votes
You borrow $1200 to buy a piano. the simple interest rate is 12%. you pay off the loan after 4 years. how much do you pay for the loan?

User Maxim Danilov
by
8.0k points

2 Answers

4 votes
The answer is 1200 + 576 = 1776
User Sebnem
by
7.8k points
3 votes
S.I = PTR/100

SI = 1200*4*12 /100
= 576

amount = 1200+ 576 = 1776
User Lmlmlm
by
8.2k points
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