Question

if you borrow $308 for one year at an interest rate of 6% compounded annually, how much interest will you pay?

Answer 1

Answer: $18.48

Step-by-step explanation: The formula for interest is I = PRT, where I equals interests, P equals the principle, R equals the rate and T is Time.

I = 308 x .06 x 1

I = $18.48

You will pay $18.48 interest for one year.