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1 December, 19:57

15,000 to buy a car. She borrowed the money at 8% for 6 years.

What is the interest she will pay for the loan?

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Answers (1)
  1. 1 December, 20:42
    0
    Given

    Principle (P) = 15000

    Time (T) = 6 yrs

    Rate (R) = 8%

    Interest (I) = ?

    Step-by-step explanation:

    Now we can calculate the Interest by using the formula

    I = (P * T * R) / 100

    = (15000 * 6 * 8) / 100

    = 720000/100

    = 7200
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