[SOLVED] Karl borrowed $5,700 from the bank for a year at 9% simple interest. What was the amount he paid back to the bank?

Simple interest = PRT /100where P is the principalR is the rateT is the time in yearFrom the questionP=$5700 R=9 T=1substitute the values into the formula;S.I = 5700 x 9 x 1 /100 =$513Amount pay back = $5700 + $513 = $6,213

Karl borrowed $5,700 from the bank for a year at 9% simple interest. What was the amount he paid back to the bank?

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