Dave borrows £14500 from an finance company to buy a luxury car. The finance company charges simple interest at the rate of 16% p.a. How much would Dave pay back if he took the loan for 4 years
Loan Amount = 14500 pounds
Interest rate = 0.16
Period = 4 years
Interest =14500*0.16*4 =9280 pounds
Total amount = 14500+9280 =23780 pounds
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