Question

Jimmy took out a loan for $5,600 to pay for a home repair the bank offered an interest rate of 4.75 % how much interest would she pay after three years???

Answer 1

$698

Explanation:

Given that :

Principal = $5600

Rate = 4.75%

Time = 3 years

Simple interest = principal * rate * time

Simple interest = $5600 * 0.0475 * 3

simple interest = $798