hjrdjjdhxh
Answered

Westonci.ca makes finding answers easy, with a community of experts ready to provide you with the information you seek. Explore our Q&A platform to find reliable answers from a wide range of experts in different fields. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Jamal borrowed $15 600 for 6 years from a bank. The annual simple interest rate for the first 3 years is 1.6%. From then onward, the annual simple interest rate is increased to 2%. How much interest will he owe at the end of 6 years?​

Sagot :

Answer:

the interest owed is 1684.8

Step-by-step explanation:

Formula for simple interest =

I = Prt, where P is amount borrowed, r for interest rate and t for time.

Since the first three years is 1.6% interest we can write:

I = 15600 x 0.016 x 3

= 748.8

Then for the following 3 years the interest rate is 2%:

I = 15600 x 0.02 x 3

= 936

Adding the values gives us 1684.8

Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.