Register
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?
129k views
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
by
8.3k points

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
by
7.8k points
0 votes

Answer:

$3840

Explanation:

User Cyon
by
7.5k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
Link Copied!