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You borrow $1600 to buy a living room set. The simple interest rate is 9%. You pay off the loan after 3 years. How much do you pay for the loan?

You borrow $1600 to buy a living room set. The simple interest rate is 9%. You pay off the loan after 3 years. How much do you pay for the loan?
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14 votes
You borrow $1600 to buy a living room set. The simple interest rate is 9%. You pay off the loan after 3 years. How much do you pay for the loan?

User LongInt
by
7.7k points

1 Answer

7 votes
You pay 1744

Step-by-step explanation:

1600 • 0.09 = 144

1600 + 144 = 1744
User Thegreatt
by
8.7k points
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