has taken out a loan for $9,800. The bank offered him a simple interest rate of 6% over a three-year period. If Ron pays the loan back in three years, what will be the total amount paid to the bank?

The total amount that would be paid to bank is $11,564.

Explanation:

I = PRT/100

I is the simple interest on the loan

P is the amount of loan taken = $9,800

R is the simple interest rate = 6%

T is the duration for the loan to be paid with interest = 3 years

I = 9,800*6*3/100 = $1,764

Total amount to be paid = P + I = $9,800 + $1,764 = $11,564