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If you borrow $225 for eight years at an interest rate of 6% how much interest will you pay ?

User Kehnar
by
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2 Answers

5 votes

Answer:$58.55

Explanation:


User Yoannisj
by
7.8k points
0 votes

Answer:

Interest is $108.

Explanation:

From the question statement, we observe that

P=$225 , t=8 years and r= 6 percent=.06

Since, we know that I=Prt

Putting the values in the above formula, we get

I=(225)(.06)(8)

I=$108.


User WeaklyTyped
by
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