Answer :
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Final answer:
Mansoor has to pay AED 5,040 in interest and the total amount of the loan after 7 years is AED 29,040.
Explanation:
To calculate the interest Mansoor has to pay, we can use the formula for simple interest:
Interest = Principal Amount x Interest Rate x Time
Given that Mansoor borrowed AED 24,000 from his bank for 7 years at a simple interest rate of 3.5% per annum, we can substitute the values into the formula:
Interest = 24,000 x 0.035 x 7
Interest = AED 5,040
Therefore, Mansoor has to pay AED 5,040 in interest.
To calculate the total amount of the loan after 7 years, we can add the principal amount and the interest accrued over the 7-year period:
Total Amount = Principal Amount + Interest
Total Amount = 24,000 + 5,040
Total Amount = AED 29,040
Learn more about calculating interest and total amount of a loan here:
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