Question

15,000 to buy a car. She borrowed the money at 8% for 6 years.

What is the interest she will pay for the loan?

Answer 1

Given

Principle (P) = 15000

Time ( T) = 6 yrs

Rate ( R) = 8%

Interest (I) = ?

Explanation:

Now we can calculate the Interest by using the formula

I = ( P * T * R) / 100

= ( 15000 * 6 * 8 ) / 100

= 720000/100

= 7200