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$8000 is borrowed at 6.2% p.a. Simple interest for 4 years. What is the total amount owed over 4 years??

$8000 is borrowed at 6.2% p.a. Simple interest for 4 years. What is the total amount owed over 4 years??
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4 votes
$8000 is borrowed at 6.2% p.a. Simple interest for 4 years.

What is the total amount owed over 4 years??

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User Safhac
by
7.9k points

1 Answer

3 votes
The total amount owed after 4 years is $8000 plus the simple interest:

$8000 + $8000(0.062)(4) = $9984
answered
User Christopher H
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8.1k points
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