Question

If you borrow $800 for 8 years at anannual interest rate of 11%, howmuch will you pay altogether?Enter

Answer 1

we calculate the interest for 8 years

here principal is P = 800 $

time T= 8 yr

Rate R = 11 %

interest will be

`\begin{gathered} I=(PRT)/(100) \\ I=(800*11*8)/(100) \\ I=704 \end{gathered}`

so the interest is 704$

now he will pay

principal + interest = 800 + 704 =1504 $

so the answer is 1504 $.