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2 years ago

15

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

2 answers:

Eduardwww [97]2 years ago

8 0

He pays $420
0.08*5=120
300+120= $420

Fudgin [204]2 years ago

6 0

If you're dealing with SIMPLE interest, this problem is an easy one.

The SIMPLE interest is found using the formula i = p r t
where p is the principal amount, r is the interest rate as a decimal fraction, and t is the time in years.

Then interest = i = $300(0.08)(5 years) = $120

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