A credit union in Jamaica offers a loan at 8% per annum simple interest. Mr. Campbell borrows $50,000 for 3 years. What is the total amount he must repay?

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Question

A credit union in Jamaica offers a loan at 8% per annum simple interest. Mr. Campbell borrows $50,000 for 3 years. What is the total amount he must repay?

Accepted Answer

$62,000 — Award 1 mark for: I = PRT = 50,000 × 0.08 × 3 = $12,000. Total = $50,000 + $12,000 = $62,000. A ($54,000) uses only 1 year of interest. C ($62,985.60) incorrectly applies compound interest. D ($12,000) gives only the interest, not total amount.

Answer

$62,985.60

Answer

$62,000

Answer

$12,000

Answer

$54,000

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