Home › SSC CGL › Quantitative Aptitude › Simple & Compound Interest › One worked simple interest loan had a payoff of:
One worked simple interest loan had a payoff of:
A$4,088.00
B$4,800.80
C$4,880.00
D$4,808.00
Answer & Solution
Correct answer: C. $4,880.00
1. The payoff is principal plus interest together.
2. It is the total the borrower must repay.
3. That total was $4,880.00.
_Source: OpenStax, Contemporary Mathematics, Ch 6 'Money Management'_
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