Answer:
The interest was 2,300 and he had to pay 22,300 at the end of the loan
Step-by-step explanation:
he only had to make a one time payment so he only has to make the interest one time. take 20,000 times .115 which is 11.5% in decimal form which is 2,300, that is how much interest he had to pay. the total amount he had to pay was the loan ($20,000) plus the interest ($2,300) so he paid in total $22,300
