Question

Joe borrowed $6,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 6 years?

In 6 years, Joe pays $ ___________ in interest.

Answer 1

In 4 years Joe would have to pay $2,520 in simple interest.

Explanation:

So first of all you want to start by finding what P, r and t would be.

P = Principal amount ($$)

r = interest rate (%)

t = time

Once I found all of those I put them into the equation (l = Prt) and solved. That is how I came up with my answer. Check the screenshot provided to see what P, r and t would be and to see all my work! :)

Have a great day!

Answer 2

In 6 years, Joe pays $2,520 in interest.