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A bank offers a home improvement loan with simple interest at an annual rate of 12%. J. T. Borrows $14,000 over a period of 3 years. How much will he pay back altogether?.
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33 votes
33 votes
A bank offers a home improvement loan with simple interest at an annual rate of 12%. J. T. Borrows $14,000 over a period of 3 years. How much will he pay back altogether?.

User JMJ
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2 Answers

13 votes
13 votes

it would be 5,020

add that to 14,000

User ThorstenC
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12 votes
12 votes
He will pay back $19,040 in total, his interest accumulated over 3 years would be $5,040.
User Mlegg
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