Joe borrowed $4,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 4 years?

Question

asked Mar 20, 2021 33.6k views

1 Answer

JCollerton · Answer 1 · 2021-03-23T13:18:42+0000

Answer:

1,120 dollars interest will be paid by Joe in 4 years

Explanation:

4,000 times 7 ( 0.07 ) is 280, and 280 times 4 is 1,120