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If you borrow $700 for one year at an interest rate of 8% p.a, how much interest will you pay every month?

If you borrow $700 for one year at an interest rate of 8% p.a, how much interest will you pay every month?
asked 97.3k views
2 votes
If you borrow $700 for one year at an interest rate of 8% p.a, how much interest will you pay every month?

asked
User Iyanna
by
8.0k points

1 Answer

2 votes

Answer:

$4.7 (approx)

Explanation:

Simple interest = (principle * time * rate) / 100

answered
User Gsc
by
7.9k points
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