SOLUTION: agatha nosebody borrowed $3500 at 8% interest for 4 years. How much interest did she pay on her loan?

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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) About Me  (Show Source):
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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