Rory will owe the principal + interest \(= £300 + £108 = £408\) After \(4\) years Rory will owe \(£408\). It can be helpful to use a formula to calculate simple interest, provided you give the ...

When borrowing money, simple interest represents the percentage of your loan balance that you owe in fees to the lender. This figure stays the same throughout the loan term. The formula for simple ...