joe borrowed $6,000 from the bank at a rate of 7% simple interest per year. how much interest did he pay in…

Explanation:

Step1: Recall simple interest formula

The formula for simple interest is $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal amount, $r$ is the annual interest rate (in decimal), and $t$ is the time in years.

Step2: Identify values

Here, $P = $6000$, $r = 7% = 0.07$ (converted to decimal), and $t = 8$ years.

Step3: Substitute into formula

Substitute the values into the formula: $I = 6000 \times 0.07 \times 8$. First, calculate $6000 \times 0.07 = 420$. Then, calculate $420 \times 8 = 3360$.

Answer:

3360