Question

Daniel borrowed $8,000 at 6% interest for 10 years.  What was the total interest

Answer 1

$8,000x6%(0.06)= $480...
So, how much for 10 years?
$480x10=$4,800

Answer 2

I=prt
$4,800 is correct

Answer 3

is it compound interest or simple interest, if compound how many times per year is it compund?

Answer 4

it would be simple interest, because the rate stays the same over the period of the 10 years.

Answer 5

the rate is not by how much the invested sum has been increased, it's the % of interest gained, but I see what you meant.

Answer 6

okk:))