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You paid $375 in simple interest on an 8 year loan at 1.5% interest. How much did you borrow?

You paid $375 in simple interest on an 8 year loan at 1.5% interest. How much did you borrow?
asked 102k views
2 votes
You paid $375 in simple interest on an 8 year loan at 1.5% interest. How much did you
borrow?

asked
User Panschk
by
8.3k points

1 Answer

0 votes

It would be $0.47 monthly interest and $5.63 yearly interest

answered
User Raluca
by
7.7k points
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