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

Answers

Answer 1

Answer:

The amount paid back by him altogether is 19040 dollars.

What is simple interest?

Simple interest is calculated just on the loan's principal amount, whereas compound interest is calculated on both the principal and the cumulative interest.

The formula for calculation of simple interest will be:-

Interest = (P x R x T ) / 100

I = ( 14000 x 0.12 x 3 ) / 100

I = 5040

Add Interest to the Principal

14000 + 5040

Total amount = $19,040

Therefore the amount paid back by him altogether is 19040 dollars.

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Answer 2

Answer: 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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