Mitch paid $ 33600 altogether
Given that mitch took out a school laon for $ 24000
The interest rate on the loan was 8%
Number of years = 5
To find: total amount paid altogether
We can use simple interest to calculate the total amount
Total amount paid altogether = simple interest + principal amount
The simple interest is calculated as:
[tex]\text { simple interest }=\frac{\text { principal } \times \text {rate of interest } \times \text {number of years}}{100}[/tex]
Plugging in values, we get
[tex]\text { simple interest }=\frac{24000 \times 8 \times 5}{100}=240 \times 8 \times 5=9600[/tex]
Total amount paid altogether = simple interest + principal amount
Total amount paid altogether = 9600 + 24000 = 33600
Thus Mitch paid $ 33600 altogether
