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1 June, 02:53

You borrow $10,000 to buy a carThe simple interest rate is 3%. You pay the loan oft after 6 years. What is the total amount you paid for the loan?

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  1. 1 June, 03:14
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    Step-by-step explanation:

    Amount loaned = $10,000

    Interest rate = 3%

    Duration = 6 years

    10,000 / 100 x 3/1 * 6

    = 300 * 6

    = 1800 + 10,000

    Total Amount to pay

    = $11,800
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