Mansoor borrowed AED 24,000 from his bank. The loan was for 7 years at a simple interest rate of 3.5% per annum.

Answer the following questions:

a) How much interest did Mansoor have to pay?

b) What is the total amount of the loan after 7 years?

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Ahmed took out a loan from his bank. He was charged a simple interest of 4% per annum for 3 years. He paid the bank AED 2,400 in interest.

How much money did Ahmed borrow from his bank?

A. AED 17,600
B. AED 288
C. AED 20,000
D. AED 2,688

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Find the future value by completing the table below:

| Present Value | Length of Time | Compounding Rate | Table Period | Periodic Rate | Table Factor | Future Amount |
|---------------|----------------|------------------|--------------|---------------|--------------|---------------|
| AED 4,000 | 5 Years | 8% Quarterly | % | AED | | |

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:

https://brainly.com/question/29107765

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