Alicia borrowed $15,000 to buy a car. She borrowed the money at 8% for 6 years. How much will she have to pay the bank at the end of the 6 years?
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Answer:
SI = P×R×T/100
SI = 15000×8×6/100
= 150×8×6
=7200
Amount = SI + principle
= 7200+15000
= 22200
She have to pay $22200
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Given,
Principal amount P = 15000$
Rate of interest r = 8%
Time period T = 6
To Find,
The amount Alicia needs to pay back to the bank.
Solution,
Given that,
Alicia borrowed amount P = 15000$
Period of time T = 6
Interest rate r = 8%
to find simple interest SI=
SI = P × T × (r/100)
SI = 15000 × 6 × ( 8/100)
SI = 72000 / 100
SI = 7200$.
Therefore,
The amount A = Simple Interest + Principal amount
A = SI + P
A = 7200 + 15000
A = 22200$.
Hence, Alicia needs $22200 to pay back to the bank.
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