Ben takes out a personal loan of £1200 with a simple interest rate of 20% for a term of 3 years how much is the total cost of the personal loan after 3 years?

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jldodge jldodge · Answer 1 · 2022-03-09T18:57:34+01:00

Answer:

$1920

Step-by-step explanation:

Original amount: £1200 x Simple interest rate: 0.2 x number of years: 3 = 720

Add Original onto simple interest

£1200 + £720 = £1920

Total Cost of personal loan after 3 years = £1920

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