Mathematics, 23.07.2019 05:30 teFazoe9550
Malik borrowed $8,000 to buy a new boat. he will pay off the loan after 4 years by paying back the principal plus 6.5% simple interest. how much will malik pay back altogether?
Answers: 1
![\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$8000\\ r=rate\to 6.5\%\to \frac{6.5}{100}\dotfill &0.065\\ t=years\dotfill &4 \end{cases} \\\\\\ A=8000[1+(0.065)(4)]\implies A=8000(1.26)\implies A=10080](/tpl/images/0122/2737/ce8be.png)
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Malik borrowed $8,000 to buy a new boat. he will pay off the loan after 4 years by paying back the p...
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