Find the interest paid on a loan of $8,000 for 1 year at a simple interest rate of 8% per year. O A. $720 O B. $64 C. $8.640 O D. $640

asked Jan 11, 2023 132k views

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Find the interest paid on a loan of $8,000 for 1 year at a simple interest rate of 8% per year.

O A. $720
O B. $64
C. $8.640
O D. $640

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10 votes

Answer:

The answer is $64.

Formula for simple Interest is P x R x T/100. Which is $8000 x 8 x 1/100 = $64

John Tor answered Jan 16, 2023

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