Question

Donna took out a loan for $17,000 and was charged simple interest at an annual rate of 6.8% .
The total interest she paid on the loan was $867 . Do not round any intermediate computations.

Answer 1

Total amount she paid to repay her loan was $17,687

Amount is the total sum  of money paid to the bank.It is basically the sum of interest and principal amount.

Principal is the sum of money taken from the bank

Interest is the sum of money charge by the bank during the period of loan repayment.

Rate of interest is the rate at which interest is charge in the principal sum

Time is the total period of the loan repayment.

Simple interest = (P x Rx T)/100

where, P=principal

           R=rate of interest

           T= time

Amount= Principal +Interest

As per question,

P=$17000

R=6.8%

I=$687

Amount=P+I

              =$17000+687

              =$17687

Therefore,Total amount she paid to repay her loan was $17,687

Learn more about simple interest,

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