Suppose you borrow $950 for a term of three years at simple interest and 5.65% APR....
Suppose you borrow $950 for a term of three years at simple interest and 5.65% APR. Determine the total (principal plus interest) you must pay back on the loan.
The total (principal plus interest) you must pay back on the loan is
$_.
Homework Answers
Simple interest=Principal*Interest rate*Time period
which is equal to
=(950 * 3 * 5.65%) = $ 161.025
Hence total to be paid=Simple interest+Principal
=( 161.025 + 950 )
which is equal to
=$1111.02 (Approx).
.
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