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If a person lent $500 at 24% simple interest per annum for 8 years, then what is the amount of interest received by him at the end of 8 years? The answer is $960, but I don't know how to solve it.
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36 votes
36 votes
If a person lent $500 at 24% simple interest per annum for 8 years, then what is the amount of

interest received by him at the end of 8 years?

The answer is $960, but I don't know how to solve it.

User Jim Gomes
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1 Answer

23 votes
23 votes
500 x .24 = 120
120 x 8 = 960
You gain $120 of interest each year after 8 years you’ve gained $960 total in interest
User Tehprofessor
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