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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?

Respuesta :

Answer:

$464

Step-by-step explanation:

Amount to be repaid = loan amount + interest on the loan

Interest on the loan = loan amount x time x interest rate

loan amount = $400

Time = 2 years

interest rate = 8%

400 x 0.08 x 2 = $64

Amount to be repaid = $400 + $64 = $464

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