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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?.

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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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
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2 Answers

6 votes

it would be 5,020

add that to 14,000

User Akostadinov
by
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4 votes
He will pay back $19,040 in total, his interest accumulated over 3 years would be $5,040.
User Andreas F
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8.3k points
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