If James has to pay 12 % interest per year on an amount of $60,000 for 12 year then what is total interest paid?	Options: A) 33000 B) 35410 C) 36074 D) 35973 E) 32158
For simple interest, I = P * N * R / 100   let Principle P = x   I = x * 12 * 12 / 100   I = 1.44 * x   Amount = P + I   60000 = 1.44 x + x   x = 24590.16 = P   I = 1.44 * 24590.16   I = 35409.83   35410
<result>B</result>
If James has to pay 12 % interest per year on an amount of $60,000 for 12 year then what is total interest paid?