How much interest will you pay if you borrow $850 for 2 years at 4% interest?

Question

asked Mar 21, 2022 19.0k views

2 Answers

Valentt · Answer 1 · 2022-03-26T02:11:22+0000

Answer:

If you're being charged annually, you would end up paying $918.

Explanation:

850 * 0.04 (or 4%) = 34

34 * 2(years) = 68

850 + 68 = 918

You would end up paying $68 in interest.