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23 July, 22:49

Joe borrowed $4,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 6 years? In 6 years, Joe pays $ in interest.

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Answers (2)
  1. 23 July, 22:52
    0
    Formula - I-? P-4,000 R - 7% = 0.07 t - 6 years

    4,000 (0.04) (6)

    0.04*6=0.24

    0.24*4,000=$960

    The answer is $960.
  2. 23 July, 22:56
    0
    To find out how much interest it is, you have to to

    Interest = Principal x Rate of interest x Time

    So

    4,000 x 0.07 x 6=1,680

    Joe pays 1680 in interest.
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