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

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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) About Me  (Show Source):
You can put this solution on YOUR website!
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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.