Question

Paul received a $12,000 loan from the bank the bank charges 6. 99% Do you eat interest-rate after four years how much money does Paul owe in the interest?

Answer 1

$3355.20

Explanation:

The formula for simple interest is ...

i = Prt

where P is the principal amount, r is the annual rate, and t is the number of years. Fill in the given values and do the arithmetic.

i = 12,000×0.0699×4 = 3355.20

Paul owes $3355.20 in interest.