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A loan of $8000 is taken at a simple interest rate of 7% per annum. What will be

Practice Questions

Q1
A loan of $8000 is taken at a simple interest rate of 7% per annum. What will be the total amount to be paid back after 4 years?
  1. $9600
  2. $8800
  3. $8400
  4. $8000

Questions & Step-by-Step Solutions

A loan of $8000 is taken at a simple interest rate of 7% per annum. What will be the total amount to be paid back after 4 years?
  • Simple Interest Calculation – Understanding how to calculate simple interest using the formula SI = Principal × Rate × Time.
  • Total Amount Calculation – Knowing how to find the total amount to be paid back by adding the principal to the calculated simple interest.
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