posted by .

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 -

    I = PRT

    I = 8,000 * 0.06 * 4

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    How do you find simple interest of something?
  2. math

    If you paid 2,000 a month or 24,000 a year on 200,000 dollars at 5.00% what formula would you use to calculate the interest paid?
  3. Math

    The cost of a new car is $16,000, which can be financed by paying $3000 down $300 per month for 60 months. Use the actuarial method to find the unpaid interest. Instead of making the thirty-sixth payment, the borrower decides to pay …
  4. Real Estate

    Smith purchases a home and obtains a $65,000 loan. The principal and interest payments are $8.54 per $1,000. The loan is for 30 years at 9%. How much does Smith pay in total interest over the life of the loan?
  5. Business finance

    In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is stated as $10,000 and the interest rate is 10 percent, the borrower “pays” 0.10 x $10,000 = $1,000 immediately, thereby receiving …
  6. Math

    Maya bought a car for $15,000. To pay for it, she took a bank add-on interest loan at an annual interest rate of 9%. The loan term is 5 years. How much interest will she pay and what are her monthly payments?
  7. Finance

    You just borrowed $15,000 from a bank. If you pay $4,000 at the end of each year over the next 5 years, you will pay off the loan. What is the interest rate on the loan?
  8. math

    you borrow $1200 from a bank that bank charges 9.5% simple annual interest. after 15 months you pay back the loan. how much interest do you pay on the loan?
  9. Math

    25. Edith earns an annual gross salary of $17,500. She has 28% of her gross salary withheld for taxes and other deductions. What is the net pay of each paycheck if she is paid weekly?
  10. Math

    Suppose you borrowed $25,000 for a car at an APR of 8%, which you are paying off with monthly payments of $510 for 5 years. a) What’s the loan principal?

More Similar Questions