carelee3921 carelee3921

26-04-2020
Mathematics

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You borrow $3200 to buy new kitchen appliances. The simple interest rate is 5%. You pay the loan off after 4 years. What is the total amount you paid for the loan?

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mikhaellabruh mikhaellabruh

26-04-2020

Answer:

$3840

Step-by-step explanation:

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emilylamb999 emilylamb999

26-04-2020

It’s $3840.

5% of 3200 is 160. The interest applies for 4 years (160 x 4 = 640), which adds onto the flat 3200, (640 + 3200 = $3840)

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