guzmanbrandon396 guzmanbrandon396

11-08-2020
Mathematics

contestada

Frank obtained a simple interest loan from his bank for 20,000 at a 7.5% interest rate over a 4 year loan term. What will be franks total repayment amount over the life of the loan?

Respuesta :

oscar236 oscar236

11-08-2020

Answer:

$26,000.

Step-by-step explanation:

Interest I = PRT/100

= 20000* 7.5*4 / 100

= 6000

So his total repayment = $26,000.

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