Question

mark takes a bank loan of $3000 to start up a business at an annual rate of 6%. How much will he have to pay in 28 months? The bank computes the interest using simple interest.

Answer 1

interest=(principal amount)*(time in months)*(rate of interest)/100

Answer 2

\[I=P \times r \times t\]
\[I = 3000 \times .06 \times 2.33\]
\[I \approx 419.40\]
\[T \approx $3419.40\]
T is total amount due after 28 months (or 2.33 years)

Answer 3

or about $3420 to be approximate

Answer 4

Thank you Istrasman!!

Answer 5

sure, you're welcome!