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

User Timberlake
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2 Answers

20 votes
20 votes

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

User John Fish
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22 votes
22 votes

Answer:

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!

User Chirale
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3.3k points