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23 December, 20:15

A bank offers an annual simple interest rate of 8% on Home Improvement loans, Tobias borrowed $17,000 over a period of 2 years. How much did he repay altogether

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  1. 23 December, 22:14
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    The answer would be $19,270.

    Steps:

    1. Take 17,000 and multiply by 8%.

    2. Take the sum of that which is $1,360 and multiply by two (for the two years).

    3. The sum of that would be $2,720 and add onto $17,000.

    4. The sum of that would be $19,270!
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