Question

Joe borrowed $4,000 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

Formula- I-? P-4,000 R- 7%= 0.07 t- 6 years

4,000(0.04)(6)
0.04*6=0.24
0.24*4,000=$960
The answer is $960.

Answer 2

To find out how much interest it is, you have to to
Interest =Principal x Rate of interest x Time
So
4,000 x 0.07 x 6=1,680
Joe pays 1680 in interest.