You get a student loan from the Educational Assistance Foundation to pay for your educational expenses as you earn your associat

Question

3 years ago

14

e’s degree. You will be allowed 10 years to pay the loan back. Find the simple interest on the loan if you borrowed $3,600 at 8%.

1 answer:

Dahasolnce [82] · Answer 1 · 2021-11-28T15:22:35+03:00

3 0

Answer:

$2880

Step-by-step explanation:

I = Prt

= $3600·8%·10 = 0.80·$3600 = $2880

The simple interest on $3600 over a 10-year period is $2880.