Question

You barrow 300$ for 5 years at an interest of 4% what is the interest you paid

Answer 1

$60

Explanation:

There's not enough information. We need to know how often the interest is compounded. I'll assume it's yearly. If not, you can apply the same method to what it actually is.

If it's compounded yearly that means it's going to be compounded 5 times so the equation becomes.

5*(300*4%)

which is:

5*(300*.04)

which becomes:

5*12

Which is:

$60