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Aneli [31]
3 years ago
15

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

Mathematics
2 answers:
Eduardwww [97]3 years ago
8 0
He pays $420
0.08*5=120
300+120= $420
Fudgin [204]3 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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