Question

Bill takes a loan of 9,000.00 at a 8% simple interrst rate for 6 years a.how much interest will he pay after 2 years? b. how much interest will he pay in total for the loan
help plz

Answer 1

To find the answer for A you add up the interest rate for 2 years which is 16% then find 16% of $9,000 which is $1,440 and that's his interest rate he will have to pay for 2 years. If you want to know how much he has to pay in total for 2 years you simply just add the interest rate $1,440to $9,000 and you get $10,440.

To find the answer for B you add up the interest rate for 6 years which is 48% then find 48% of $9,000 which is $4,320 and that's his interest rate he will have to pay for 6 years. If you want to know how much he has to pay in the total 6 years you simply just add the interest rate $4,320 to $9,000 and you get $13,320.

I hope that helped you.