Raymond bought a car 40000. He took a 20000 loan from a bank at a simple interest rate 15% per year. What is total amount (interest and loan) that he would have to pay the bank at the end of 3 years
The interest on the loan would be:
20000 * 0.15 * 3 = 9000
So the total amount Raymond would have to pay the bank at the end of 3 years would be:
20000 + 9000 = 29000