Question

A bank loans a customer $87,000 for a period of 15 years. The simple interest rate of the loan is 9.2%. What is the total amount that the customer will need to pay the bank over the 15 years?

Answer 1

I= 120,060

Explanation:

formula I=prt

Interest:

Principal: 87,000

rate:9.2% = 0.092

time: 15 year

I= 87,000(0.092) (15)

I= 87,000 (1.38)

I= 120,060

Answer 2

h. 207, 060

Explanation: