Ask a New Question

Borrower Brown borrowed $8,000 from the bank. He will pay 6% simple interest on the remaining balance of the loan in semi-annual equal PRINCIPAL payments for four years. How much total interest will Borrower Brown pay over the life of his loan?

1 answer

I = PRT

I = 8,000 * 0.06 * 4

Ask a New Question or answer this question.

Similar Questions

2. Dr. Enriquez borrowed $6,370 from the National Bank of Belize at 7.25 per cent per annum simple interest for 6 months.
1. 1 answer
2. Dr. Enriquez borrowed $6,370 from the National Bank of Belize at 7.25 per cent per annum simple interest for 6 months.
1. 1 answer
mr brown borrowed $5,340 from a bank at 10% aunnum simplr interest for 9 years. the sum of the money paid in interest to the
1. 0 answers
1. Mr. Thimbrel borrowed $5,600 from the bank at 8.5% per annum simple interest for 6 years. Calculate:a) The sum of money paid
1. 2 answers

more similar questions