Ask Question
25 November, 17:46

You borrow $3750 to buy new fitness equipment. The simple interest rate is 2%. You pay the loan off after 4 years. What is the total amount you paid for the loan? Item 17 You borrow $3750 to buy new fitness equipment. The simple interest rate is 2%. You pay the loan off after 4 years. What is the total amount you paid for the loan?

+2
Answers (1)
  1. 25 November, 20:49
    0
    Provided the 2% interest rate. The interest itself over a period of 4 years, compounds to $300. Thus, the total interest plus the cost of the fitness equipment would be a total of, $4,050.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “You borrow $3750 to buy new fitness equipment. The simple interest rate is 2%. You pay the loan off after 4 years. What is the total amount ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers