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.

Question

anonymous · Answer

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

lstrasmann · Answer

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

lstrasmann · Answer

or about $3420 to be approximate

anonymous · Answer

Thank you Istrasman!!

lstrasmann · Answer

sure, you're welcome!