Mr. Sprockett borrows $3,500 from his bank to buy a used car. The loan has a 7.4% simple interest rate. If it takes Mr. Sprockett two years to pay back the loan, what is the total amount he will be paying?

The total amount that Mr. Sprockett will have to pay will be $ 4,018.

Step-by-step explanation:

To determine the total amount that Mr. Sprockett will pay for his loan, knowing that the initial principal is $ 3,500, that the interest rate is 7.4%, that the interest is simple (it is not added to the initial capital) and that the duration of the loan is for 2 years, the following calculation must be made:

3,500 + ((3,500 x 0.074) x 2) = X

3,500 + (259 x 2) = X

3,500 + 518 = X

4.018 = X

Thus, the total amount that Mr Sprockett will have to pay will be $ 4,018.

5050

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step-by-step explanation: