Simple Interest Problems Set 9 Question 9
Click here to return to the index page for all Simple Interest Problems
Question 9
The Columbia Bank loaned Lamar an amount of $2000 to help pay for a car. The Columbia Bank loaned him the $2000 at an interest rate of 4% per annum, with a 54 month term.
What is the total amount of interest that Lamar will have to pay back over the period of 54 months to the Columbia Bank? What's the total amount of money that the Columbia Bank will end up getting back from Lamar?