Question

If you borrow $421 for nine years at an interest rate of 4% how much interest will you pay

Answer 1

the answer is $151.56

Explanation:

our formula of interest is I = PxRxT

P (principal) = 421

R (rate) = 4% (we have to turn it into a decimal which is 0.04)

T (time) = 9 years

so :

I = 421 x 0.04 x 9

I = 151.56