Answered

How much money will Tracy repay to the bank for a loan of $1,000 that she borrows for 2 years 8 months at a 12% simple interest rate?​



Answer :

Step-by-step explanation:

The bank fora loan (p) = $1000.

She borrowed (T)=2 years 8 months.

1 year =12 months.

2 years =2.12=24 months +8 months =32 months.

Rate(R)=12%.

We know that,

Simple interest rate =P×T×R/100

$1000×32×12%/100

=38.4 Ans

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