Answer:
Figure out your monthly interest due by dividing your interest rate by 12. For example, an 8% interest rate loan would be . 007 (. 08 divided by 12).
Principle amount is $600 (P), rate of interest is 8\% per annum (R), and the number of years is 5 (N). Hence, here, the interest the man would be paying is $240 and the total money he'd be collecting at the end of 5-year tenure is $840.