Question

The Todd family plans to start a small business. Mr. Todd borrows $10,000 from the blank at an annual interest rate 8%for 36 months what's his interest he will pay on his loan

Answer 1

Answer: They will end up paying $2,400.

Explanation:

Since the annual interest rate is 8% of $10,000, take 8% of 10,000 by multiplying these numbers. This gives you $800.

This is only the annual interest rate, the Todd family's loan and interest isn't paid until 36 months have passed. Since 36 months is equal to 3 years, we can multiply the annual rate by 3. (800*3)

The Todd family will pay $2,400 in interest by the end of the period.