Question

Find the interest paid on a loan of $8,000 for 1 year at a simple interest rate of 8% per year.

O A. $720
O B. $64
C. $8.640
O D. $640

Answer 1

The answer is $64.

Formula for simple Interest is P x R x T/100. Which is $8000 x 8 x 1/100 = $64