Question

Mary needed capital for her bakery she borrowed $60000 for 4 years at a simple interest rate 8% per year calculate how much money will she pay at the end of 4 years

Answer 1

Answer:

$79,200

Step-by-step explanation:

A = P(1 + rt)

First, converting R percent to r a decimal

r = R/100 = 8%/100 = 0.08 per year.

Solving our equation:

A = 60000(1 + (0.08 × 4)) = 79200

A = $79,200

I = A - P = $19,200.00