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OpenStudy (anonymous):
Daniel borrowed $8,000 at 6% interest for 10 years. What was the total interest
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OpenStudy (hanner_b_nanner):
$8,000x6%(0.06)= $480... So, how much for 10 years? $480x10=$4,800
OpenStudy (anonymous):
I=prt $4,800 is correct
OpenStudy (solomonzelman):
is it compound interest or simple interest, if compound how many times per year is it compund?
OpenStudy (hanner_b_nanner):
it would be simple interest, because the rate stays the same over the period of the 10 years.
OpenStudy (solomonzelman):
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.
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OpenStudy (hanner_b_nanner):
okk:))
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