Question

A bank loans a customer $87,000 for a period of 15 years. The simple interest rate of the loan is 9.2%. What is the total amount that the customer will need to pay the bank over the 15 years?

Answer 1

Step-by-step explanation:

I = PRT

I = 87,000×0.092×15

I = $120,060

total amount that the customer will need to pay the bank over the 15 years is

87,0000 + 120,060 = $207, 060