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Robert gets a loan from his bank. He agrees to borrow £6 000 at a fixed annual simple interest rate of 7%. He also agrees to pay the loan back over a 10-year period. How much money in total will he have
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Robert gets a loan from his bank.

He agrees to borrow £6 000 at a fixed annual simple interest rate of 7%.
He also agrees to pay the loan back over a 10-year period.
How much money in total will he have paid back at the end of the 10 years?

User Macostobu
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1 Answer

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He will of paid £420 as intrest
User Evan Carslake
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