Question

9. If you borrow money from a bank, you must repay the loan in full, and also pay an additional charge called interest. Simple interest is interest that is calculated each year as a fixed percentage of the original amount borrowed. Find the total amount needed to repay a loan of $ 40 000 borrowed at 9% p. a. simple interest for 5 years.​

Answer 1

Ответ:

I = 40,000 x 0.09 x 5

I = 18,000

Total amount = principal + interest

Total amount = 40,000 + 18,000

Total amount = 58,000

Пошаговое объяснение:

Answer 2

Answer:

$58,000

Detailed answer:

The simple interest for one year would be:

$40,000 x 0.09 = $3,600

Therefore, the total simple interest for five years would be:

$3,600 x 5 = $18,000

The total amount needed to repay the loan would be:

$40,000 + $18,000 = $58,000