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You borrow $3200 to buy new kitchen appliances. The simple interest rate is 5%. You pay the loan off after 4 years. What is the total amount you paid for the loan?
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1 vote
You borrow $3200 to buy new kitchen appliances. The simple interest rate is 5%. You pay the loan off after 4 years. What is the total amount you paid for the loan?

User TheLD
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2 Answers

2 votes
It’s $3840.


5% of 3200 is 160. The interest applies for 4 years (160 x 4 = 640), which adds onto the flat 3200, (640 + 3200 = $3840)
User Hughgo
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0 votes

Answer:

$3840

Explanation:

User Cyon
by
5.7k points
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