Daddyof3ts
Daddyof3ts Daddyof3ts
  • 10-11-2019
  • Business
contestada


Austin borrowed $700 from a lender that charged simple interest at a rate of 9% for 6
years. What is the amount of interest Austin paid at the end of the loan?​

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fernandoalonsoc
fernandoalonsoc fernandoalonsoc
  • 13-11-2019

Answer:

Initial capital $700

Interest rate     9%

Period       6 years

Interest paid by year: (700x0.09)    =63

Interest paid at the end of the loan: (63x6) = 378

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