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barxatty [35]
4 years ago
6

Jameson is seeking a loan with a simple interest rate of 3% per year. If he wants to borrow 8,000 then how much will he be charg

ed in interest after 4 years
Mathematics
1 answer:
Hitman42 [59]4 years ago
8 0
Simple interest formula
A=P(1+rt)
Where,
A=Accrued amount, P= Amount borrowed, r=Interest rate per year, t= time in years.

Interest accrued = A-p = P(1+rt)- P = P{(1+rt)-1} = 8,000 {(1+0.03*4)-1} = $960

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