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bixtya [17]
4 years ago
6

Lincoln is seeking a loan with a simple interest rate of 8% per year. If he wants to borrow $5000, then how much will he be char

ged in interest for 24 months? $8,000 $9,600 $1,250 $800​
Mathematics
1 answer:
babymother [125]4 years ago
8 0

Answer:

Lincoln will be charged <em>$9,600.</em>

Step-by-step explanation:

To find the answer we will first turn<em> 8% into a decimal.</em>  8 ÷ 100 = <em>0.08</em>.  Now <em>multiply 0.08 by $5,000</em> and we get <em>$400.</em>  then <em>multiply $400 by 24</em> and we get $9,600.  Therefore, <em>$9,600 is our answer.</em>

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