If you borrow $12,000 for 30 months at 6.5% simple interest, what is the total amount you will have to repay?

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kevingayton9 kevingayton9

14-06-2016
Mathematics

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If you borrow $12,000 for 30 months at 6.5% simple interest, what is the total amount you will have to repay?

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Kunchan Kunchan · Answer 1 · 2016-06-14T16:04:11+02:00

From your statement, i can assume that the interest 6.5% is for yearly.

30 months = 2.5 years

1 year interest for 100   = 6.5
1 year interest for 12000   = 6.5/100 * 12000
  = 780

2.5 years interest for 12000 = 780*2.5
= 1950

so the total amount that you have to pay
12000 + 1950
$ 13950

Spikeman922 Spikeman922 · Answer 2 · 2016-06-14T16:08:45+02:00

Spikeman922 Spikeman922

14-06-2016

13,950 would be what you repay

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