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A bank offers an annual simple interest rate of 8% on home improvement loans. Tobias borrowed $17,000 over a period of 2 years. How much did he repay altogether? A. $1,360 B. $2,720 C. $18,360 D. $19,720 whats the correct one

Respuesta :

Total money
[tex] = 17000 \times (1 + 8\%) + 17000 \times 8\%[/tex]
[tex] = 17000 \times {1.08} + 17000 \times 0.08[/tex]
=19720

The answer should be D
Hope I can help u

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