SOLUTION: agatha nosebody borrowed $3500 at 8% interest for 4 years. How much interest did she pay on her loan?
Algebra.Com
Question 50041: agatha nosebody borrowed $3500 at 8% interest for 4 years. How much interest did she pay on her loan?
Answer by tutorcecilia(2152) (Show Source): You can put this solution on YOUR website!
agatha nosebody borrowed $3500 at 8% interest for 4 years. How much interest did she pay on her loan?
I = Prt [Use the formula for simple interest]
I=the total interest
P=principle amount borrowed
r=rate or percent of interest
t=number of years borrowed
.
I = ($3500)(0.08)(4) [Plug-in the values]
Interest = $1120.00
RELATED QUESTIONS
Linda took out a simple interest loan for $7,000 at 11% interest for 5 years. How much... (answered by lmeeks54,MathTherapy)
If $13,000 is borrowed at 5.8% simple interest for 10 years, how much interest will be... (answered by Boreal)
Suppose you borrow $5000 at 8% interest compunded monthly. If you pay back the loan in 2... (answered by unlockmath)
1.Marina had an accident with her car and the repair bill came to $800. She didn’t have... (answered by ikleyn)
loan for 3 years
interest rate 6%
$135.00 interest paid.
How much was borrowed?
(answered by stanbon)
If Samantha can pay off her loan in 36 months at a 10% interest rate rather than in 48... (answered by ikleyn)
Clare borrowed money from her parents at 6.1% simple interest to help pay her tuition. At (answered by rfer)
church fund loans money to its members at the rate of 6% annual interest on the original... (answered by jorel555)
Jenna borrowed $5,000 for 3 years and had to pay $1,350 simple interest at the end of... (answered by rfer)