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24 April, 00:28

If you borrow $421 for nine years at an interest rate of 4% how much interest will you pay

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  1. 24 April, 00:43
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    the answer is $151.56

    Step-by-step explanation:

    our formula of interest is I = PxRxT

    P (principal) = 421

    R (rate) = 4% (we have to turn it into a decimal which is 0.04)

    T (time) = 9 years

    so:

    I = 421 x 0.04 x 9

    I = 151.56
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