Question

Paul received a $12,000 loan from the bank the bank charges 6. 99% Do you eat interest-rate after four years how much money does Paul owe in the interest?

Answer 1

Answer:

  $3355.20

Step-by-step explanation:

The formula for simple interest is ...

  i = Prt

where P is the principal amount, r is the annual rate, and t is the number of years. Fill in the given values and do the arithmetic.

  i = 12,000×0.0699×4 = 3355.20

Paul owes $3355.20 in interest.