Question

Chris burrows $124 from a friend to get his chainsaw repaired. If Chris agrees to pay his loan in 6 months at 4% simple interest, then how much interest does Chris pay?

Answer 1

Chris borrows $124 from a friend for 6 months with a simple interest of 4%, the total interest that he would pay is given by:

`\begin{gathered} \text{Total interest=\#months}*(Borrowmoney)(\text{interest rate)} \\ \text{Total interest}=6*(124)((4)/(100))=29.76\text{ usd} \end{gathered}`

Chris pays $29.76 interest in 6 months.