Suppose Jake borrows $4,000 for a new piece of equipment. He borrows the money for 2 years at 11.5% interest. How much does he pay in interest, and whats the total amount he has to repay? 2.Auntie Em took out a loan for a new television set 2 years ago and agreed to pay $121.88 each month for 5 years at 121 2% interest. How much did the TV cost (before interest is added in)?

3. Say Abigail is borrowing $6,000 for 3 months at 8% simple interest. How much does she repay at the end of 3 months?

Answer rating: 100% (QA)

1 To calculate the interest and total amount Jake has to repay Principal amount borrowed P 4000 Inte... View the full answer