Joe borrowed $4,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 6 years? In 6 years, Joe pays $ in interest.

Question

Mathematics

London

22 August, 17:59

Joe borrowed $4,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 6 years? In 6 years, Joe pays $ in interest.

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Answers (2)

Know the Answer?

Izaiah Benton · Answer 1

To find out how much interest it is, you have to to

Interest = Principal x Rate of interest x Time

So

4,000 x 0.07 x 6=1,680

Joe pays 1680 in interest.

Nike · Answer 2

Formula - I-? P-4,000 R - 7% = 0.07 t - 6 years

4,000 (0.04) (6)

0.04*6=0.24

0.24*4,000=$960

The answer is $960.