Question

Jiro borrows $48000 from a bank that charges simple interest at a rate of 6% per year. Find the total amount of money he has to pay the bank at the end of 2 years.

Answer 1

$53760

Step-by-step explanation:

Rui Feng borrows $48 000 from a bank that charges simple interest at a rate of 6% per annum.

Now, we have to calculate the total amount he has to pay the bank at the end of 2 years.

Now, using the formula of simple interest the total amount after 2 years will be

dollars. (Answer)