Question

You borrow $225 for eight years of an interest rate of 6%. How much interest will you pay after eight years?

Answer 1

you pay 108 dollars after 8 years

Answer 2

You will pay $13.50 in interest and end up paying $238.50 total after the eight years

Explanation:

225 x 0.06 = 13.5

225 + 13.5 = 238.5