Question

Joe borrowed $6,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 8 years?

Answer 1

$3,360

Explanation:

So first of all you want to start by finding what P, r and t would be.

P = Principal amount ($$)

r = interest rate (%)

t = time (years)

Once I found all of those I put them into the equation (l = Prt) and solved (by putting it into a calculator obviously). That is how I came up with my answer. Check the screenshot provided to see what P, r and t would be and to see all my work! :)

Hope this helps! :)

Have a great day!

Answer 2

$3360

Explanation:

7% of $6000=$420

$420 time 8= $3360

Hope this helped! :)