Question

plz help Evaluate how much interest Cooper will pay after 6 years if the loan he takes out is for $14,000 at 8% simple interest. Show your work and answer in a complete sentence

Answer 1

Cooper will pay the interest of $ 6,720.

Explanation:

Simple interest = pnr

where p is the amount = $ 14, 000

r = rate of interest = 8 %

n = years = 6

SI = 14000 × 6 × 8 / 100

SI = $ 6,720

So Cooper will pay the interest of $ 6,720.