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12 January, 16:32

Laura borrowed $48,000 at a 6% interest rate for 7 years. what was the total interest?

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  1. 12 January, 19:12
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    Principal Amount P = $ 48000

    Rate of interest r = 6% = 0.06

    Time interval t = 7

    Formula for Interest I = P x r x t = > I = 48000 x 0.06 x 7 = > I = 2880 x 7

    Total Interest for seven years would be $20,160
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