Question

if you borrow 421 for nine years at an interest rate of 4% how much interest will you pay

Answer 1

Answer:

Interest - $151.56

Step-by-step explanation:

Principal (P) = $421

Rate (r) = 4% or 0.04

Time (t) = 9 years

Interest (I) = ??

I = P × r × t

= $421 × 4% × 9

= $421 × 0.04 × 9

I = $151.56