Question

Jameson is seeking a loan with a simple interest rate if 3% per year if he wants to borrow $8,000 how much will he be charged in interest after 4 years

Answer 1

You have to take 8000 & multiply is by .03 then add that # to 8000 then take what ever that product is and multiply it by .03 and add that. repeat 4 times the answer should be : $9004.1