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2 votes
James borrows $300 at an interest rate of 8% and takes 5 years to pay it off.

How much does he pay?

User Shpand
by
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2 Answers

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If you're dealing with SIMPLE interest, this problem is an easy one.

The SIMPLE interest is found using the formula i = p r t
where p is the principal amount, r is the interest rate as a decimal fraction, and t is the time in years.

Then interest = i = $300(0.08)(5 years) = $120
User King Jk
by
8.3k points
4 votes
he pays $420
0.08*5=120
300+120= $420
User Managarm
by
8.8k points

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