Question

A loan of 9000 has an annual simple interest rate of 3.5%. If you repay the loan in 6 years, how much total interest will you pay?

Answer 1

194400

first, assuming the interest is added every year, we multiply 3.5 x 6 getting 21.

now we have more multiplication, specifically 21% x 9000, which, if my calculations are correct equals, 189,000

so, there you have it.

but if you dont multiply it would be, 9000.21,

so, theres your answer.

Watch Out, Take Care!

Answer 2

We don’t know how fast the interest goes up, but assuming it goes up every year, the answer is 14567.6482.