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Austin borrowed $700 from a lender that charged simple interest at a rate of 9% for 6 years. What is the amount of interest Austin paid at the end of the loan?​
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3 votes
Austin borrowed $700 from a lender that charged simple interest at a rate of 9% for 6

years. What is the amount of interest Austin paid at the end of the loan?​

User Venson
by
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1 Answer

3 votes

Answer:

Initial capital $700

Interest rate 9%

Period 6 years

Interest paid by year: (700x0.09) =63

Interest paid at the end of the loan: (63x6) = 378

User Ajith M A
by
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