4 years ago

James borrows $300 at an interest rate of 8% and takes 5 years to pay it off.

1 answer:

4 0

I = PRT
Interest = ?
Principal = $300
Rate = .08
T = 5 years

300(.08)(5) = $120
Interest = $120

So, he pays $300 + $120 in interest = $420

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