racing2787 racing2787

23-12-2020
Mathematics

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Frankie borrowed 800 for 6 years. He is charged 5% simple interest. How much interest will he pay in 6 years

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JeanaShupp JeanaShupp

24-12-2020

Answer: The required simple interest = $240

Step-by-step explanation:

Formula for simple interest:

Interest = Principal x rate x time

Given: Principal = $800

rate of interest = 5% = 0.05

Time = 6 years

Interest = 800 x 0.05 x 6 = $240

Hence, the required simple interest = $240

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