Question

Find the interest on the loan if borrowed 2,000 at 8% for 3 years?

Answer 1

The interest is: $480.00

Usually now, the interest is added onto the principal to figure some new amount after 3 year(s),

or 2000.00 + 480.00 = 2480.00. For example:

If you borrowed the $2000.00, you would now owe $2480.00

If you loaned someone $2000.00, you would now be due $2480.00

If owned something, like a $2000.00 bond, it would be worth $2480.00 now