If you borrow $225 for eight years at an interest rate of 6% how much interest will you pay?

Question

Mathematics

Lizbeth Palmer

31 January, 20:23

If you borrow $225 for eight years at an interest rate of 6% how much interest will you pay?

+2

Answers (2)

Know the Answer?

Dean · Answer 1

Answer:$58.55

Paulina Duarte · Answer 2

Interest is $108.

Step-by-step explanation:

From the question statement, we observe that

P=$225, t=8 years and r = 6 percent=.06

Since, we know that I=Prt

Putting the values in the above formula, we get

I = (225) (.06) (8)

I=$108.