Question

Shaun pays 8% per year on a loan of £3200.
He pays interest for seven years.
Work out how much interest he pays all together.

Answer 1

Step-by-step explanation:

Principal loan amount x Interest rate x Time (aka Number of years in term) = Interest.

8% = 0.08

3200 × 0.08 × 7 = 1,792 £