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The amount borrowed from the bank is $12000. The rate of interest is 14% per annum.
We have to find the interest at the end of one year and the total amount owed.
The interest incurred on $12000 at an interest rate of 14% per annum in one year is: 12000*0.14*1 = 1680
The total amount owed is the sum of the amount borrowed and the interest. That is equal to 12000 + 1680 = 13680.
The interest for one year is $1680 and the amount owed after one year is $13680.
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