Question

Necessary.

Tyler borrowed $42,000 from the bank to open
up a skateboard shop. If he had a simple
interest rate of 5%, how much will he have
paid to the bank in total once he paid the
loan back in full after 15 years?

Answer 1

Explanation:

we’ll I don’t know if this is right but I will try my best first I divide what ever I have then divide or multiply it by the next number

Answer 2

To calculate the total amount Tyler will have paid to the bank, you can use the formula for simple interest:

I = Prt

Where:

I = Interest (the amount Tyler will pay to the bank)

P = Principal (the original amount borrowed)

r = Interest rate (expressed as a decimal)

t = Time (in years)

Plugging in the given values, we have:

I = 42,000 * 0.05 * 15

I = 42,000 * 0.75

I = 31,500

So, Tyler will have paid a total of $31,500 in interest to the bank once he paid the loan back in full after 15 years.