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

Question

asked Aug 20, 2020 128k views

2 Answers

WeaklyTyped · Answer 1 · 2020-08-25T12:29:43+0000

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.