The total amount John has to pay in repaying the loan and interest is $18,600
What makes up the total amount John has to pay?
The total amount that John has to pay comprises of the loan principal of $15,000 and the interest on the loan which is computed at the simple interest rate of 6% for the loan duration of 4 years
I=PRT
I=interest for 4 years=unknown
P=loan principal=$15,000
R=interest rate=6%
T=number of years of loan=4
I=$15,000*6%*4
I=$3,600
A=P+I
A=$15,000+$3,600
A=$18,600
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