Question

If your brother borrows $835 at 10% interest rate for eleven years, how much interest will he pay?

Answer 1

For this case, your interest rate will be (. 11 x 100 = 11) 11%. Step 3: Apart from this, you can also calculate your time period involved, principal amount and interest amount paid in a specific time period if you have other inputs available with you. Calculate interest amount paid in a specific time period, I = Prt

Answer 2

918.50 in interest over 11 years.

Explanation:

Comment

You have to make an assumption here. The assumption is that this is simple interest.

So if the brother pays 10% each year, he is paying

10/100 * 835 each year in interest

10/100 * 835 = 83.50 every year.

There are 11 years, so the total interest paid is 11 * 83.50 = 918.50 dollars in total.. That's more than what he borrowed!