a bank offers a home improvement loan with simple interest at an annual rate of 12% j.t. borrow $14000 over a period of 3 years how much will he pay back altogather

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Simple interest means you just multiply the total times the interest amount 14000*.12 = $1680 Since it is annual interest and it is 3 years of payments we have to multiply the interest by 3 $1680*3 = $5040 Add the total interest to the starting sum for your answer: $14,000 + $5040 = $19,040 total paid back

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