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Clarke borrows $16,000 to buy a car. He pays simple interest at an annual rate of 6% over a period of 3.5 years. How much does he pay altogether? A $18,800 B $19,360 C $19,920 D $20,480
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Clarke borrows $16,000 to buy a car. He

pays simple interest at an annual rate of 6%
over a period of 3.5 years. How much does
he pay altogether?
A $18,800
B $19,360
C $19,920
D $20,480

User Matt Stevens
by
6.4k points

1 Answer

5 votes
B. 19,360 16,000(1+(.06)3.5)
User Neil Thompson
by
7.3k points
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