Question

Aaron has a loan of 1250£ He pays simple intrest 0.5% per month for eight months Calculate the total amount of interest Aaron pays​

Answer 1

Answer: 50 Pounds

Explanation: First we need to find out how much 0.5% of 1250 is. 0.5% of 1250 is 6.25£. Since that’s per month, and Aaron pays interest for 8 months, we multiply by 8. So 6.25 times 8 is 50.