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James borrows $300 at an interest rate of 8% and takes 5 years to pay it off. How much does he pay? Question 2 options: $420 $120 $240 $600

James borrows $300 at an interest rate of 8% and takes 5 years to pay it off. How much does he pay? Question 2 options: $420 $120 $240 $600
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4 votes
James borrows $300 at an interest rate of 8% and takes 5 years to pay it off.

How much does he pay?
Question 2 options:

$420


$120


$240


$600

User Pyton
by
7.8k points

1 Answer

6 votes
I = PRT
Interest = ?
Principal = $300
Rate = .08
T = 5 years

300(.08)(5) = $120
Interest = $120

So, he pays $300 + $120 in interest = $420
User Daralthus
by
8.2k points
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