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Joe is lending Frank $500 and Frank has 4 years to pay it back. Joe is charging 6% interest. Frank wants to determine how much interest he'll pay over the 4 years. He sets up the formula, interest (i) = loan amount (l) x rate (r) x time (t). Find i.

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Joe is lending Frank $500 and Frank has 4 years to pay it back. Joe is charging 6% interest. Frank wants to determine how much interest he'll pay over the 4 years.  He sets up the formula, interest (i) = loan amount (l) x rate (r) x time (t).  Find i.





 
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