Mathematics, 22.10.2020 01:01, AldecuaF10

How much is the interest on my loan? I borrowed $400 to buy an MP3 player. I got a two-year loan,
and the lender is charging 8% Simple annual interest. How
much money will I have to pay back?
Time
Interest Principal
$ ?
$400
Rate
0.08
2
/= Prt
1 = 400 x 0.08 x 2
Interest
I
1.00

Answers: 2

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How much is the interest on my loan? I borrowed $400 to buy an MP3 player. I got a two-year loan,