Simple Interest Problems Set 1 Question 10
Click here to return to the index page for all Simple Interest Problems
Question 10
The U.S. Bank N.A. ND loaned Fredrick an amount of $2000 in order to get a couch. He got the $2000 from the U.S. Bank N.A. ND at an interest rate of 8% per annum, and a period of 30 months.
How much interest will Fredrick have to pay back to the U.S. Bank N.A. ND over the 30 months? What's the total amount of money that the U.S. Bank N.A. ND will end up getting back from Fredrick?