Question

You borrow $10,000 to buy a carThe simple interest rate is 3%. You pay the loan oft after 6 years. What is the total amount you paid for the loan?

Answer 1

Explanation:

Amount loaned = $10,000

Interest rate = 3%

Duration = 6 years

10,000 / 100 x 3/1 × 6

= 300 × 6

= 1800 + 10,000

Total Amount to pay

= $11,800