Question

Robert gets a lone from his bank. he agrees to borrow £6000 at a fixed annual simple interest rate of 7%. He also agrees to pay the loan back after a 10-year period. How much money in total will he have paid back at the end of 10 years?

Answer 1

£10200

Explanation:

£6000x7%= £420

£420x10= £4200

£6000+£4200= £10200