Question

John borrowed $150,500 to start up his business. He borrowed the money at a 7.75% simple
interest rate for 2 years. How much does John have to pay back at the end of two years

Answer 1

Answer:

John have to pay back $23,327.50 at the end of two years

Step-by-step explanation:

Simple Interest (I) = (PRT) ÷ 100

where P = Principal, R = Rate, T= Time

I = ($150500 × 7.75 × 2) ÷ 100

I = ($2332750) ÷ 100

I = $23,327.50