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3 May, 04:42

A bank offers a home improvement loan with simple interest at an annual rate of 12% j. t. borrow $14000 over a period of 3 years how much will he pay back altogather

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  1. 3 May, 06:32
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    Simple interest means you just multiply the total times the interest amount

    14000*.12 = $1680

    Since it is annual interest and it is 3 years of payments we have to multiply the interest by 3

    $1680*3 = $5040

    Add the total interest to the starting sum for your answer:

    $14,000 + $5040 = $19,040 total paid back
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