Question

If you borrow $5000 at an interest rate of 8% for 9 years how much interest will you pay? (I got $3600 but I don't know if its right)

Answer 1

Explanation:

Principal:- $5000

Rate= 8%

Time = 9 years

Interest = P×R×T/100

= 500×8×9/100

= 5×8×9

= 40×9

= 360

Hence, Interest = $360.

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