Question

jay borrowed 15000 for one year from a bank in order to buy a Ducatti motorcycle. He agreed to pay an interest rate of 8% per year. At the end of one year, how much Money would Jay pay back to the bank

Answer 1

Hi there! Jay borrowed $15,000 and is paying 8% of interest each year. To find the amount of interest paid back, multiply the amount borrowed by the interest rate. 15,000 * 8% (0.08) is 1,200. Jay would pay back $1,200 in interest at the end of 1 year.