Homework Help: Loan

Posted by Renee on Monday, October 29, 2012 at 6:29pm.

Borrower Brown borrowed $8,000 from the bank. He will pay 6% simple interest on the remaining balance of the loan in semi-annual equal PRINCIPAL payments for four years. How much total interest will Borrower Brown pay over the life of his loan?

Loan - Ms. Sue, Monday, October 29, 2012 at 6:43pm
I = PRT

I = 8,000 * 0.06 * 4

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