Answer:
The total amount he will altogether be: $19360
Step-by-step explanation:
Given
- Amount Borrowed = P = $16,000
- Interest rate = r = 6% = 6/100 = 0.06
- Time period = t = 3.5 years
To determine
- Total Amount altogether = A
Using the formula
I = Prt
substituting the values P = 16,000, r = 0.06, t = 3.5 years
I = 16,000 × 0.06 × 3.5
I = $3360
Thus, the interest amount = $3360
Therefore, the total amount he will altogether:
A = P + I
A = 16,000 + 3360
A = $19360
Therefore, the total amount he will altogether be: $19360
