Question

Joe borrowed $4,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 4 year?

In 4 years, joe pays $blank
In interest.

Answer 1

He will pay $640 in interest in 4 years.

Explanation:

Yearly interest will be $160

because $4,000 x 7% = $160

$160 x 4 years = $640