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You are starting your own business and decided to take out a simple interest loan for 10,000 from your local bank. The interest rate on this loan is 8.3% for 6 years. How much i…

You are starting your own business and decided to take out a simple interest loan for 10,000 from your local bank. The interest rate on this loan is 8.3% for 6 years. How much i…
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You are starting your own business and decided to take out a simple interest loan for 10,000 from your local bank. The interest rate on this loan is 8.3% for 6 years. How much interest will you pay on this loan?

User Frascu
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1 Answer

3 votes
I think it’s 51.6% because 8.3% interest at the rate of 6 years is just 8.3 multiplied by 6 which is 51.6
User Jhedstrom
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8.6k points
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