Question

Rui Feng borrows $48 000 from a bank that

charges simple interest at a rate of 6% per annum.
Find the total amount of money he has to pay the
bank at the end of 2 years.

Answer 1

Rui Feng has to pay the bank a total amount of $53,760 at the end of 2 years.

Step-by-step explanation:

To calculate the total amount of money Rui Feng has to pay the bank at the end of 2 years, we can use the formula for simple interest:

Interest = Principal * Rate * Time

Principal = $48,000

Rate = 6% per annum = 6/100 = 0.06

Time = 2 years

Plugging in the values into the formula:

Interest = $48,000 * 0.06 * 2 = $5,760

The total amount of money Rui Feng has to pay the bank at the end of 2 years is the sum of the principal and the interest:

Total amount = Principal + Interest = $48,000 + $5,760 = $53,760

Answer 2

$53760

Step-by-step explanation:

Rui Feng borrows $48 000 from a bank that charges simple interest at a rate of 6% per annum.

Now, we have to calculate the total amount he has to pay the bank at the end of 2 years.

Now, using the formula of simple interest the total amount after 2 years will be

`48000(1 + (6 * 2)/(100)) = 53760` dollars. (Answer)