Question

Jonah took out a four year loan for $22,000 to help pay for college. He has to pay 5% simple interest on the loan. How much will he have to pay back at the end of the four years?

Answer 1

26,400

Explanation:

1) Find 5% of 22,000 by multiplying 22,000 by .05. You should get 1100.

2) Multiply that by 4. (4400)

3) Now add that to the original.