Question

If a person lent $500 at 24% simple interest per annum for 8 years, then what is the amount of

interest received by him at the end of 8 years?

The answer is $960, but I don't know how to solve it.

Answer 1

500 x .24 = 120
120 x 8 = 960
You gain $120 of interest each year after 8 years you’ve gained $960 total in interest