If u borrow $675 for 6years at an interest rate of %10, how much interest will u pay?
405
To calculate the amount of interest you will pay on a loan, you can use the formula:
Interest = Principal × Rate × Time
Here, the principal is $675, the rate is 10%, and the time is 6 years. Substituting these values into the formula, we get:
Interest = $675 × 0.10 × 6
First, you need to calculate 0.10 × 6:
0.10 × 6 = 0.60
Now, multiply this result by $675:
Interest = $675 × 0.60
Interest = $405
Therefore, you will pay $405 in interest over the 6-year period.
To calculate the amount of interest you will pay on a loan, you can use the following formula:
Interest = Principal * Rate * Time
Where:
- Principal is the initial amount borrowed
- Rate is the interest rate per period
- Time is the number of periods
In your case, the principal is $675, the rate is 10% (or 0.10 as a decimal), and the time is 6 years.
Let's plug in these values into the formula:
Interest = $675 * 0.10 * 6
Simplifying further:
Interest = $675 * 0.60
Calculating the interest:
Interest = $405
Therefore, you will pay $405 in interest over the 6-year period.
I = PRT
I = 675 * 0.1 * 6
I = ?