Alex takes a loan of $8,000 to buy a used truck at the rate of 9 % simple Interest.Calculate the annual interest to be paid for the loan amount.  Options:
A) 680
B) 700
C) 720
D) 730
E) 750
From the details given in the problem Principle = P = $8,000 and R = 9% or 0.09 expressed as a decimal.   As the annual Interest is to be calculated, the time period T =1.   Plugging these values in the simple Interest formula,   I = P x T x R   = 8,000 x 1 x 0.09   = 720.00   Annual Interest to be paid = $720   answer :720
<result>C</result>
Alex takes a loan of $8,000 to buy a used truck at the rate of 9 % simple Interest.Calculate the annual interest to be paid for the loan amount.