Question

Mr. Rumba borrowed $20,000 from a Finance Company which charged Simple interest of 10.5% P.q. Find the total Sum that Mr, Rumba had to pay at the end of two years.​

Answer 1

$24,200

Explanation:

A = P (1 + rt)

A = 20,000 (1 + 0.105 * 2)

A = 24,200