Question

Emilio borrows $1200 from a bank with 7.5% simple interest per year. How much will he have to pay back total in 4 years?

Answer 1

$1,560

Explanation:

7.5% of $1,200 is 90. 90 times 4 (as in 4 years) is 360.

$360 plus $1,200 is $1,560.

Answer 2

1560

Explanation:

1200*0.075 = 90

1200+90+90+90+90