Wade borrowed $12,500 from his uncle at 4.5% simple interest to use for travel and repaid the loan in 4 years. How much did he pay back?

Question

asked Oct 11, 2018 122k views

1 Answer

Ilyas Varol · Answer 1 · 2018-10-15T04:31:33+0000

12,500 / 100 = 125 125 x 4.5 = 562.5 562.5 x 4 = 2250
2250 + 12,500 = 14,750 He paid back a total of $14,750. Hope this helps :)