Find the total amount to be paid back(that is,loan + interest) on these loans:
#10 000 for 1 year at 9% simple interest per annum.
To find the total amount to be paid back on the loan, we need to calculate the interest first and then add it to the initial loan amount.
The formula to calculate simple interest is:
Interest = (Principal * Rate * Time) / 100
Given:
Principal (loan amount) = $10,000
Rate (interest rate) = 9%
Time (loan duration) = 1 year
Using the formula, we can calculate the interest:
Interest = (10,000 * 9 * 1) / 100
= 900
Now, let's add the interest to the loan amount to find the total amount to be paid back:
Total amount = Loan + Interest
= 10,000 + 900
= 10,900
Therefore, the total amount to be paid back on this loan is $10,900.