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Your family plans to start a small business in your neighborhood. Your father borrows $10,000 from the bank at an annual interest rate of 8% for 36 months. What is the amount of…

Your family plans to start a small business in your neighborhood. Your father borrows $10,000 from the bank at an annual interest rate of 8% for 36 months. What is the amount of…
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Your family plans to start a small business in your neighborhood.

Your father borrows $10,000 from the bank at an annual interest rate of 8% for 36 months.
What is the amount of interest he will pay on his loan?

asked
User Gregn
by
8.0k points

1 Answer

3 votes
his loan will cost him 12,400 USD
answered
User Mehamasum
by
8.6k points
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