Question

You borrowed $ 1,341 for 8 years with simple interest rate of 4.20 %. How much you

have to pay back to the lender?

Answer 1

The total amount that needs to be paid back to the lender is $1,791.34.

Step-by-step explanation:

To calculate the total amount to be paid back to the lender, we can use the formula: Total Amount = Principal + Interest. In this case, the principal (amount borrowed) is $1,341 and the interest rate is 4.20%. To calculate the interest, we can use the formula: Interest = Principal imes Rate imes Time. The time period is 8 years.

Therefore, the interest can be calculated as: Interest = $1,341 imes 0.042 imes 8 = $450.34.

So, the total amount to be paid back to the lender is: Total Amount = $1,341 + $450.34 = $1,791.34.