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21 January, 22:47

A bank offers a home improvement loan with simple interest at an annual rate of 12%. J. T. borrows $14,000 over a period of 3 years. How much will he pay back altogether?

The choices are:

A. 19,040 dollars

B. 15,680 dollars

C. 20,720 dollars

D. 17,360 dollars

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Answers (1)
  1. 21 January, 23:04
    0
    Interest = PRT/100

    I = 14000*0.12*3

    I=5040

    Add Interest to the Principal

    14000 + 5040

    = $19,040

    A is the answer.
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