Question

jenna borrows $8000 for college at a yearly simple interest rate of 6%. she takes 15 years to pay off the loan and interest. how much interest does she pay?

Answer 1

Explanation:

the interest she pays is $7,000

the total amount she pays is $15,200

the interest caclucuation:

= 6/100 × 8,000

= 0.06 × 8000

= 480

= 480 × 15

= $7200

the total amount she pays:

= $7200 +$8000

= $15,200

Answer 2

Answer: $7,200 So, Jenna pays a total of $7,200 in interest.

Explanation:

we can multiply the yearly interest by the number of years: Total Interest = Yearly Interest × Number of Years Total Interest = $480 × 15 Total Interest = $7,200 So, Jenna pays a total of $7,200 in interest.