Laura borrowed $48,000 at a 6% interest rate for 7 years. what was the total interest?

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asked Aug 12, 2018 28.1k views

1 Answer

Pissall · Answer 1 · 2018-08-15T20:17:51+0000

Principal Amount P = $ 48000
Rate of interest r = 6% = 0.06
Time interval t = 7
Formula for Interest I = P x r x t => I = 48000 x 0.06 x 7 => I = 2880 x 7
Total Interest for seven years would be $20,160

Laura borrowed $48,000 at a 6% interest rate for 7 years. what was the total interest?

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