SOLUTION: Miko borrowed $ 25,000 at 10% annual simple interest rate. How much should he pay after 3 years and 6 months?

Question 1185352: Miko borrowed $ 25,000 at 10% annual simple interest rate. How much should he pay after 3 years and 6 months?

Answer by ikleyn(52787)   (Show Source): You can put this solution on YOUR website!
.

He should pay   25000*(1 + 0.1*3.5)   dollars.

Use your calculator to get the numerical value.

In the formula, 0.1 represents   10%   and 3.5 represents   3 years and 6 months (= 3.5 years).

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To see many other similar (and different) solved problems on simple interest accounts, look into the lesson
    - Simple interest percentage problems
in this site.

Learn the subject from there.

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