Question

If you borrowed $30,000 from a bank to buy a new car and the interest was 6%. You plan to pay the bank back within one year. What is the total amount you would have to pay back to the bank?

Answer 1

$30,000 + 6% = $1,800.

Step-by-step explanation: I am confused as to how many people are coming up with a different answer on this exact same question. Example: a total of $45,568.80 would be paid, including a total Interest of $15,568.80.

Answer 2

Answer:$31800

Explanation:

principal(p)=$30000

Rate(r)=6%

Time(t)=1

Simple interest=(p x r x t)/100

Simple interest=(30000x6x1)/100

Simple interest=180000/100

Simple interest=$1800

Total amount=principal+simple interest

Total amount =30000+1800

Total amount= $31800