Question

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

Answer 1

The answer would be $19,270.
Steps:
1. Take 17,000 and multiply by 8%.
2. Take the sum of that which is $1,360 and multiply by two (for the two years).
3.The sum of that would be $2,720 and add onto $17,000.
4. The sum of that would be $19,270!