Answered

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A man borrows $800 for 2 years at a simple interest rate of 20%. What is the total amount that must be repaid

Sagot :

Answer: [tex]\$1120[/tex]

Step-by-step explanation:

Given

Man borrows $800 for 2 years

Rate of interest is R=20%

Simple interest is given by

[tex]\Rightarrow S.I.=\dfrac{P\times R\times T}{100}[/tex]

Insert the values

[tex]\Rightarrow S.I.=\dfrac{800\times 20\times 2}{100}\\\\\Rightarrow S.I.=\$320[/tex]

So, total payable amount is

[tex]\Rightarrow 800+320\\\Rightarrow \$1120[/tex]

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