Question

Chris has a loan for $4200 at a rate of 8% annually. How much interest will he pay in 6 years?

Answer 1

Answer:

2,016

Step-by-step explanation:

Answer 2

$\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \ 4200\\ r=rate\to 8\%\to \frac{8}{100}\dotfill &0.08\\ t=years\dotfill &6 \end{cases} \\\\\\ I=(4200)(0.08)(6)\implies I=2016$