Question

8000 loan for 5 years at 6% annual simple interest rate How much total interest will have to be paid

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$8000\\ r=rate\to 6\%\to (6)/(100)\dotfill &0.06\\ t=years\dotfill &5 \end{cases} \\\\\\ I = (8000)(0.06)(5) \implies I = 2400`