Register
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?.
98.9k views
4 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 Joel Spolsky
by
7.6k points

2 Answers

6 votes

it would be 5,020

add that to 14,000

User Akostadinov
by
7.0k points
4 votes
He will pay back $19,040 in total, his interest accumulated over 3 years would be $5,040.
User Andreas F
by
7.8k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

8.7m questions

11.3m answers

Other Questions

Who was Adam Smith ? Anybody?
What can turn igneous rock into sediment?
What is meant by data mining ?
What is the best way to describe a stock market?
You sell popcorn during your schools football games. Knowing that the people usually buy more when the price is lower, how would you price your popcorn after halftime?
Link Copied!