Question

$1300 at 8% for 8 years what's the amount paid for the loan.

Answer 1

Amount paid(I) = P * R * T / 100
I = 1300 * 8 * 8 /100
I = 832

In short, Your Answer would be $832

Hope this helps!

Answer 2

We may approach this item in two ways: (1) simple interest and (2) compound interest.
For simple interest,
F = P + Prn
where F is the future worth, P is the principal amount, r is the rate, and n is the number of years. Substituting,
F = 1300 + 1300 x 0.08 x 8 = 2132
Then, for the compound interest,
F = P (1 + r)^n
The variables are still the same as that equation in the simple interest. Substituting,
F = 1300 (1 + 0.08)^8 = 2406.21