Question

suppose that phil had decided to take out a private loan for $9,000 where loan payments start as soon as the loan amount is deposited in his student account and continue for 10 years.the interest rate is 8.1% what is the total amount he will pay back?

Answer 1

The total amount he will pay back=$16290

Explanation:

Given, Phil had decided to take out a private loan for $9,000 where loan payment start as soon as the loan amount is deposited in his student account for 10 year. The interest rate is 8.1% .

P =$ 9,000 r = 8.1% and t = 10 years

Simple interest

Interest(I)
`= (P* r * t)/(100)`

`=\$(9000* 8.1 * 10)/(100)`

`=\$ 7290`

The total amount he will pay back =$(7290 + 9,000)=$16290