Ask Question
13 August, 20:00

A bank offers a home improvement loan with simple interest at an annual rate of 12% j. t. borrow $14000 over a period of 3 years how much will he pay back altogather

+5
Answers (1)
  1. 13 August, 20:17
    0
    Simple interest means you just multiply the total times the interest amount

    14000*.12 = $1680

    Since it is annual interest and it is 3 years of payments we have to multiply the interest by 3

    $1680*3 = $5040

    Add the total interest to the starting sum for your answer:

    $14,000 + $5040 = $19,040 total paid back
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A bank offers a home improvement loan with simple interest at an annual rate of 12% j. t. borrow $14000 over a period of 3 years how much ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers