Malik borrowed $8,000 to buy a new boat. He will pay off the loan after 4 years by paying back the principal plus 6.5% simple interest. How much will Malik pay back altogether?

Respuesta :

[tex]\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$8000\\ r=rate\to 6.5\%\to \frac{6.5}{100}\dotfill &0.065\\ t=years\dotfill &4 \end{cases} \\\\\\ A=8000[1+(0.065)(4)]\implies A=8000(1.26)\implies A=10080[/tex]

Answer:

$10,080

Step-by-step explanation: