Clarke borrows $16000 to buy a car he pays simple interest at an annual rate of 6% over a period of 3.5 years how much does he pay all together?

Clarke borrows $16000 to buy a car he pays simple interest at an annual rate of 6% over a period of 3.5 years how much does he pay all together?

Let’s calculate

=> 16 000 dollars is the amount he borrowed

=> 6% is the annual interest

=> 3.5 years us the total years that he will be paying it.

Solutions:

=> 16 000 dollars *.06 = 960 dollars is the annual interests

=> 960 * 3.5 = 3 360 dollars for 3.5 years

=> 16 000 + 3 360 = 19 360 dollars