Question

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?

Answer 1

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