Question

Use the simple interest formula, i = prt, to find the simple interest: ken borrowed $6,000 for 4 years at a rate of 7% simple interest per year. how much interest will ken have to pay after paying back the borrowed amount?

Answer 1

Interest = $1,680

Explanation:

I = p · r · t

I = (6,000)(.07)(4)

I = $1,680

Answer 2

i = prt
p = principle amount = 6000
r = rate of interest = 7% = 0.07
t = years = 4

i = 6000*0.07*4 =1680

so, ken will have to pay $1680 as the interest.