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A student has received a $30,000 loan from a wealthy aunt in order to finance his four-year college program. The terms are that the student repay his aunt in full at the end of eight years with simple interest computed at the rate of 4 percent per year. Determine the interest that must be paid on the eight-year loan. Don't forget to include units

Respuesta :

Tundexi

Answer:

$9,600

Explanation:

Loan received (Principal) = $30,000

SI Rate = 4%

Time Period = 8 years

Simple Interest = ?

SI = PRT / 100

SI = $30,000 * 4/100 * 8

SI = $9,600

So, the student must pay $9,600 as interest on the eight-year loan

ayokenny2001

The interest that must be paid on the eight-year loan is $9,600

Given the information below:

Loan received (Principal) = $30,000

SI Rate = 4%

Time Period = 8 years

Simple Interest = ?

We know that simple interest(SI) is computed as :

SI = Principal * Rate * Time / 100

SI = PRT / 100

SI = $30,000 * 4 / 100 * 8

SI = $9,600

Hence, the student must pay $9,600 as interest on the eight-year loan.

Learn more about simple interest here https://brainly.com/question/20690803

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