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Four years ago Hakim borrowed 275 to help pay for new tires for his car. He agreed to pay interest at a simple annual interest rate of 4. How much did Hakim owe at the end of 4 years?
Wiki User
∙ 8y ago
Interest each year is 275 × 4% = 275 × 4/100 = 11
→ total interest over 4 years is 4 x 11 = 44
→ total to repay after 4 years is 275 + 44 = 319
Wiki User
∙ 8y ago
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Douglas borrowed 1000 from Patricia He agreed to repay her 1150 after 3 years What was the interest rate of the loan?
5% per year, simple interest.
How much would you repay the bank if you borrowed 7900 at 4.3 percent annual interest for 6 years?
9,938.20 * * * * * That would be correct only if banks charged simple interest as opposed to compound interest. Anyone believe that likely? The correct answer, when interest is compounded, is 7900*(1.043)6 = 10170.28
What is the simple interest if a principal over 20 years equals the borrowed principal?
It is 5%.
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p = principal ie amount invested; r = annual rate of interest; t = time in years. interest receivable = (p x t x r)/100
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