Question

If Tim borrowed $1,240 for 8 years on a 8% interest rate, how much interest will Tim have to pay total?

Answer 1

Well,
$1240•0.08= $99.20
Then to multiply the 8 years in
$99.20•8= $793.60

So if it is asking for how much interest will have to be paid after a total of 8 years, there is your answer