SOLUTION: If I borrow $1200 to buy an item and pay 8.7% of simple interest over a period of 6 years, how much interest is paid?

SOLUTION: If I borrow $1200 to buy an item and pay 8.7% of simple interest over a period of 6 years, how much interest is paid?

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Question 958533: If I borrow $1200 to buy an item and pay 8.7% of simple interest over a period of 6 years, how much interest is paid?

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If I borrow $1200 to buy an item and pay 8.7% of simple interest over a period of 6 years, how much interest is paid?
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I = Prt
I = 1200*0.087*6 = $626.40
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Cheers,
Stan H.
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