Question

If you borrow $675 for six years at a interest rate of 10% how much interest will you pay

Answer 1

the answer is $40.5

Explanation:

the basic formula of finding our interest is I = PxRxT

P (principal) = 675

R (rate) = 10% (we have to turn it into a decimal which is 0.010)

T (time) = 6 years

so :

I = 675 x 0.010 x 6

I = 40.5