if you borrow $675 for six years at an interest rate of 10%, how much interest will you pay?

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16-06-2016
Mathematics

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if you borrow $675 for six years at an interest rate of 10%, how much interest will you pay?

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hartnn hartnn · Answer 1 · 2016-06-16T19:21:18+02:00

hartnn hartnn

16-06-2016

The formula for simple interest is
I = Pnr

I = interest
P = principle amount = $675
n = number of years = 6
r = rate of interest = 1% = 0.01

So, I = 675*6*0.1 = 405

so your Interest will be $405 after 6 years.

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