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19. What is the total amount to be repaid on a 1-year term

loan of $800 with an interest rate of 14%?
A. $892
B. $902
C. $912
D. $922

User Erszcz
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1 Answer

4 votes

Answer: the answer is C $912.

Step-by-step explanation: The interest on the loan is calculated as follows:

Interest = Principal x Rate x Time

where Principal is the amount borrowed, Rate is the interest rate as a decimal, and Time is the length of the loan in years. Substituting the given values, we get:

Interest = $800 x 0.14 x 1

Interest = $112

Therefore, the total amount to be repaid is the sum of the principal and the interest, which is:

Total amount = Principal + Interest

Total amount = $800 + $112

Total amount = $912

User Pacukluka
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