Question

A bank charges 2.25% per month simple interest on personal loans. If Sikander borrows $6400 for a period of two years 1 month, find the total interest he has to pay.

Answer 1

Step-by-step explanation:

Change 2 yrs 1 month to 25 months

I = P*R*t where;

I = total interest

P = amt borrowed

r = interest rate in decimal form per month

t = time in months

:

I = 6400 * .0225 * 25

I = $3600!!

Answer 2

Answer:

$3600

Step-by-step explanation:

Simple interest formula :  Principle amount × Interest Rate × Time ÷ 100

Principle amount = $6400

Interest rate = 2.25%

Time= 2 years 1 month. you can change it to 25 months just to make it easier

6400 × 2.25% × 25 ÷ 100

The amount of total interest Sikander has to pay is $3600