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If you borrow $675 for six years at an interest rate of 10%, how much interest will you pay?
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5 votes
If you borrow $675 for six years at an interest rate of 10%, how much interest will you pay?

User Bert Cushman
by
8.7k points

2 Answers

5 votes

Answer:

405

Explanation:

User Noeline
by
8.7k points
5 votes
The formula for simple interest is
I = Pnr

I = interest
P = principle amount = $675
n = number of years = 6
r = rate of interest = 1% = 0.01

So, I = 675*6*0.1 = 405

so your Interest will be $405 after 6 years.
User Najmul
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