Question

suppose that phil had decided to take out a private loan for $9,000 where loan payments start as soon as the loan amount is deposited in his student account and continue for 10 years.the interest rate is 8.1% what is the total amount he will pay back?

Answer 1

The total amount he will pay back=$16290

Step-by-step explanation:

Given, Phil had decided to take out a private loan for $9,000 where loan payment start as soon as the loan amount is deposited in his student account for 10 year. The interest rate is 8.1% .

P =$ 9,000   r = 8.1%   and t = 10 years

Simple interest

Interest(I)  $= \frac{P\times r \times t}{100}$

                 $=\ \frac{9000\times 8.1 \times 10}{100}$

                 $=\ 7290$

The total amount he will pay back =$(7290 + 9,000)=$16290