Question

MR. Ricky borrowed $5340 from a bank at 9.5% per annum simple interest for 5 years determine: (B) the total amount of money repaid to the bank.

Answer 1

Step-by-step explanation:

1. principle = 5340
2. rate = 9.5%
3. Time = 5 years

Total amount = simple interest + principle

already we know that principle is 5340

so we need to find simple interest (S.I)

simple interest = PTR/

= 5340 × 5 × 9.5 / 100

= 2536.5

principle = 5340

simple interest = 2536.5

Total amount repaid to the bank

= principle + simple interest

= 5340 + 2536.5

=7876.5

Hope this is helpful.

Answer 2

Reminder:

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Answer:

$7876.5

Step-by-step explanation:

• principle = $5340
• rate = 9.5%
• Time = 5 years

as given above

Total amount = simple interest + principle

already we know that principle is 5340

so we need to find simple interest (S.I)

simple interest = PTR/

= 5340 × 5 × 9.5 / 100

= 2536.5

principle = 5340

simple interest = 2536.5

Total amount repaid to the bank

= principle + simple interest

= 5340 + 2536.5

=$7876.5