Find the total amount of money (maturity value) that the borrower will pay back on a loan of $1 comma 760 at 13 and one half % simple interest for 10 years.

The borrower will pay back $4,136.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

.

In this question:

Loan amount of 1760, so

Interest rate of 13 and one half, so 13.5%. This means that .

10 years, so

Interest on the Loan:

Total amount:

The borrower will pay back $4,136.

i think it is 70

step-by-step explanation: