John borrowed $150,500 to start up his business. He borrowed the money at a 7.75% simple

interest rate for 2 years. How much does John have to pay back at the end of two years

John have to pay back $23,327.50 at the end of two years

Step-by-step explanation:

Simple Interest (I) = (PRT) : 100

where P = Principal, R = Rate, T = Time

I = ($150500 * 7.75 * 2) : 100

I = ($2332750) : 100

I = $23,327.50