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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asked Feb 7, 2022 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?.

Business
high-school

Joel Spolsky asked

by Joel Spolsky

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it would be 5,020

add that to 14,000

Akostadinov answered Feb 9, 2022

by Akostadinov

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He will pay back $19,040 in total, his interest accumulated over 3 years would be $5,040.

Andreas F answered Feb 13, 2022

by Andreas F

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A bank offers a home improvement loan with simple interest at an annual rate of 12%. J.T. borrows an amount of $14,000 to pay back over 3 years. How much will he pay back altogether? Explain how you found

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