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Korvikt [17]
3 years ago
9

Jameson is seeking a loan with a simple interest rate of 3% per year. If he wants to borrow $8000, then how much will he be char

ged in interest after 4 years?
Mathematics
1 answer:
Thepotemich [5.8K]3 years ago
8 0

Answer:

$960

Step-by-step explanation:

You are going to want to use the simple interest formula for this. The one below is modified for solving the interest earned.

I=Prt

<em>I = interest amount </em>

<em>P = principal amount </em>

<em>r = interest rate (decimal form) </em>

<em>t = time </em>

The first step is to change 3% into a decimal:

3% -> \frac{3}{100} -> 0.03

Now, lets plug in the values into the equation:

I=8,000(0.03)(4)

I=960

Jameson will be charged $960 of interest after 4 years.

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