The total amount he will pay back=$16290
Step-by-step explanation:
Given, Phil had decided to take out a private loan for $9,000 where loan payment start as soon as the loan amount is deposited in his student account for 10 year. The interest rate is 8.1% .
P =$ 9,000 r = 8.1% and t = 10 years
Simple interest
Interest(I) [tex]= \frac{P\times r \times t}{100}[/tex]
[tex]=\$\frac{9000\times 8.1 \times 10}{100}[/tex]
[tex]=\$ 7290[/tex]
The total amount he will pay back =$(7290 + 9,000)=$16290
