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3. A student borrows £3500 to be repaid after 3 years. The lender quoted a flat rate of interest of 6.25%. Calculate the total interest that should be paid.
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3. A student borrows £3500 to be repaid after 3 years. The lender quoted a flat rate of interest

of 6.25%. Calculate the total interest that should be paid.

User Bob Lauer
by
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1 Answer

6 votes

Answer: The total interest is 656.25.

Explanation:

T = 3yrs

P = 3500

R = 6.25%

I = PTR/100

= 3500*3*6.25/100

= 65625/100

= 656.25

User The Badak
by
6.3k points
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