Question

Connor check out a four year loan to buy a car out of 4% simple interest rate. he borrowed $1500 to pay for the car. how much interest will he pay after four years

Answer 1

Connor will pay $240 in interest after four years.

Step-by-step explanation:

To calculate the interest paid after four years on a loan with a simple interest rate, we can use the formula:

Interest = Principal x Rate x Time

In this case, the principal (amount borrowed) is $1500, the rate is 4%, and the time is 4 years.

Plugging in these values, we get:

Interest = $1500 x 0.04 x 4 = $240

Therefore, Connor will pay $240 in interest after four years.