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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?
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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?

User Andrei Radulescu
by
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1 Answer

4 votes
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 :)
User Ilyas Varol
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8.5k points
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