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Sam borrows $1,000 from a bank that is charging eight percent simple interest per year. If he pays the loan back in six months, how much interest will he pay?

Sam borrows $1,000 from a bank that is charging eight percent simple interest per year. If he pays the loan back in six months, how much interest will he pay?
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Sam borrows $1,000 from a bank that is charging eight percent simple interest per year. If he pays the loan back in six months, how much interest will he pay?

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User Jovana
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1 Answer

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8\%:2=4\%=0.04\\\\0.04\ *\ \$1,000=\$40\leftarrow answer
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User Sunillp
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