Seudónimo Seudónimo
  • 31-03-2018
  • Mathematics
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a loan of $40,000 at 12% for 10 years, how much do you wind up paying back?

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TheAakash
TheAakash TheAakash
  • 31-03-2018
We know the simple interest formula is:
[tex]I = Prt[/tex]

Just plug in values (12% = 0.12):
[tex]I = (40000)(0.12)(10)=$48000[/tex]

So, you end up paying back $48000.
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