Chris borrows £6000 at a simple interest rate of 10% per year. He pays the money back after 4 years. How much does he pay back in total?

Question

asked Sep 22, 2022 38.1k views

1 Answer

Gil Cohen · Answer 1 · 2022-09-27T21:25:34+0000

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Answer:

£8400

Explanation:

The amount due after t years is ...

A = P(1 +rt)

A = £6000(1 + 0.10·4) = £6000·1.40

A = £8400

Chris pays back £8400 in total.