Simple Interest Problems Set 2 Question 10
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Question 10
Karter has borrowed $3000 from the Boston Private Bank & Trust Co. so that he can get his hands on a digital camera. The Boston Private Bank & Trust Co. loaned him the $3000 at a per annum interest rate of 9% with a 30 month term.
What is the total amount of interest that Karter will have to pay back over the period of 30 months to the Boston Private Bank & Trust Co.? What's the total amount of money that the Boston Private Bank & Trust Co. will end up getting back from Karter?