The amount paid back by him altogether is 19040 dollars.
What is simple interest?
Simple interest is calculated just on the loan's principal amount, whereas compound interest is calculated on both the principal and the cumulative interest.
The formula for calculation of simple interest will be:-
Interest = (P x R x T ) / 100
I = ( 14000 x 0.12 x 3 ) / 100
I = 5040
Add Interest to the Principal
14000 + 5040
Total amount = $19,040
Therefore the amount paid back by him altogether is 19040 dollars.
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