jandrew1438 jandrew1438

01-10-2021
Mathematics

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Thang decided to borrow $2000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of 7%

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mscalculator1 mscalculator1

01-10-2021

Answer:

Thang will pay $300 as interest

Step-by-step explanation:

T = 3 years

P = $2000

R = 5%

Therefore

I = (2000 × 5 × 3)/100

I = 30000/100

I = $300

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