Ask Question
Today, 03:19

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?

+2
Answers (1)
  1. Today, 03:30
    0
    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)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “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 ...” 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