Question

Malik borrowed $8,000 to buy a new boat. He will pay off the loan after 4 years by paying back the principal plus 6.5% simple interest. How much will Malik pay back altogether?

Answer 1

i = prt.
i = 8000 x 0.065/yr x 4 yr = $2,080 interest paid
Total will be 8000 + i from above.