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If you borrowed $1600 for 6 years at an intreast rate of 10% what is the amount of money you will pay back?

1 Answer

6 votes

Answer:

$2560

Explanation:

Using the simple interest formula, we can determine how much you would ultimately pay back after borrowing $1600 for 6 years at a 10% interest rate:

Principal * Rate * Time equals simple interest.

Where Principal is $1600, Rate is 10%, and Time is 6 years (6 years = 6/1 = 6 in decimal form).

$1600 multiplied by 10% multiplied by six equals simple interest.

$960 after simple interest

As a result, the total amount you will repay consists of the principal loan amount plus interest:

Principal plus interest is the total.

Total = $1600 + $960

Total = $2560

As a result, after borrowing $1600 for 6 years at a 10% interest rate, you will have to pay back a total of $2560.

Hope it helps! :)

User Egidiocs
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