SOLUTION: Bank charges 2.25% per month simple interest on personal loans. If John borrows $6400 for a period of 2 years 1 month find the total interest he has to pay

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Question 1129954: Bank charges 2.25% per month simple interest on personal loans. If John borrows $6400 for a period of 2 years 1 month find the total interest he has to pay
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+I+=+P%2Ar%2At+
+P+=+6400+
+r+=+.0225+
+t+=+25+ ( months )
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+I+=+6400%2A.0225%2A25+
+I+=+3600+
$3,600 total interest