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.
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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:
$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