Question

Pat borrowed $2,000 to help pay college expenses. The interest rate was 8% annually, and she will repay the loan in 6 years. How much total interest will she pay during the 6 years? pls help

Answer 1

Pat will pay $400 in 4 years

Answer 2

Answer:The formula is: interest = principal ∙ rate ∙ time

i= 2000 ∙ 0.05 ∙ 4

i = $400 ; so Pat will pay $400 interest in 4 years.