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Archie borrowed P 8 500 from the bank at the rate of 12% per year for 3 years. What is the total amount that he must pay?

Sagot :

[tex]Interest = Principal*Rate*Time[/tex]

In this case the Principal is P8500, the rate is 12% and the time is 3 years.

[tex]Interest=8500* \frac{12}{100} *3 \\=85*12*3 \\ 3060[/tex]
(Note that 12% can be represented as 12/100)

The amount that he must pay is P3060