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Answered

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John borrowed $ from bank for 3 years at a rate of 10%
a) Find the simple interest
b) Find the the total amount paid​

Sagot :

Given:

  • P= $12500
  • R= 10%
  • T= 3 years

Note that:

  • P= Principal amount
  • R= Rate of interest
  • T= Time period

To find:

  • The simple interest
  • The total amount paid

Solution:

[tex]\large\boxed{Formula: I= \frac{PRT}{100}}[/tex]

First, we'll have to multiply, principal amount (12500), rate (10) and time period (3).

[tex]12500×10×3[/tex]

[tex]=375000[/tex]

Now, we'll have to divide the amount (375000) by 100.

[tex]\frac{375000}{100}[/tex]

I=$3750

Now, we can find the total amount paid.

[tex]\large\boxed{A=SI+P}[/tex]

Let's substitute according to the formula.

[tex]A=3750+12500[/tex]

A=$16250

Therefore, simple interest is $3750 and $16250 was paid in total.

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