Use the simple interest formula, i = prt, to find the simple interest: ken borrowed $6,000 for 4 years at a rate of 7% simple interest per year. how much interest will ken have to pay after paying back the borrowed amount?

Question

Mathematics

Muhammad Arias

23 September, 16:29

Use the simple interest formula, i = prt, to find the simple interest: ken borrowed $6,000 for 4 years at a rate of 7% simple interest per year. how much interest will ken have to pay after paying back the borrowed amount?

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Answers (1)

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Jenna · Answer 1

i = prt

p = principle amount = 6000

r = rate of interest = 7% = 0.07

t = years = 4

i = 6000*0.07*4 = 1680

so, ken will have to pay $1680 as the interest.