Paul borrows $600 at an interest rate of 8% per years for 4 years. How much interest will he have to pay?
I = Prt
I = 600 * 0.08 * 4
I = $________
I don't understand Ms.Sue please help me
Mayla/Tina -- please use the same name for all of your posts.
Multiply:
600 * 0.08 * 4
To calculate the interest that Paul will have to pay, we can use the formula:
Interest = Principal * Rate * Time
Here, the Principal is $600, the Rate is 8% (or 0.08 in decimal form), and the Time is 4 years.
Now, let's plug in these values into the formula:
Interest = $600 * 0.08 * 4
Calculating this:
Interest = $192
Therefore, Paul will have to pay $192 in interest.