The total interest Vin would pay can be calculated using the formula:
Interest = Principal × Rate × Time
Where:
Principal = K10000
Rate = 12% = 0.12 (converted to decimal)
Time = 3 years
Interest = 10000 × 0.12 × 3
Interest = K3600
Therefore, Vin would pay a total of K3600 in interest.
Vin borrowed K10000 from a bank at a simple interest of 12% per year which she agrees to repay after 3 years. What is the total amount of interest Von would pay?
1 answer