ChaseA543996 ChaseA543996

03-11-2022
Mathematics

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Karl borrowed $5,700 from the bank for a year at 9% simple interest. What was the amount he paid back to the bank?

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SianaK241975 SianaK241975

03-11-2022

Simple interest = PRT /100

where P is the principal

R is the rate

T is the time in year

From the question

P=$5700 R=9 T=1

substitute the values into the formula;

S.I = 5700 x 9 x 1 /100

=$513

Amount pay back = $5700 + $513 = $6,213

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