A bank offers an annual simple interest rate of 8% on home improvement loans. Tobias borrowed $17,000 over a period of 2 years. How much did he repay altogether?

Answer 1

I = PRT
I = 17000 * 0.08 * 2

Add the interest to the principle.

What do you get?

Answer 2

17000 x 0.08 x 2 = 2720
add the amount borrowed and amount of interest.
17000 + 2720 = $19,720

Answer 3

19,720