Here's the result of this question
Anil borrows $80 000 to buy a business.
The bank gives him a loan, with an interest rate of 2% each year.
It takes Anil 10 years to pay the bank back - how much does he pay back in total?

We have been given that Anil borrows $80 000 to buy a business.  The bank gives him a loan, with an interest rate of 2% each year. We are asked to find the total amount paid back by Anil to bank after 10 years.

We will use simple interest formula to solve our given problem.

, where,

A = Final amount,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

Let us convert 2% into decimal.

We have and , so we will get:

Therefore, Anil will pay to the bank after 10 years.

80%

step-by-step explanation: