Question

Janet borrowed $2,000 for three years at a 5 percent interest rate compounded annually. Use the simple interest formula to find out how much interest she will pay each year for 3 years

Answer 1

Time in Years Interest Calculation

1 I = $2,000 × 0.05 × 1 = $100

2 I = $2,100 × 0.05 × 1 = $105

3 I = $2,205 × 0.05 × 1 = $110.25

Explanation:

that is answer on plato hope this helps you

Answer 2

$100

Explanation:

We want to calculate the interest on $2000 at 5% interest rate which Janet will pay each year.

The formula we will use the following simple interest formula for this:

`I=P * r * t`

where
`P` is the principal amount,
`r` is the interest rate and
`t` is the time in years.

Interest =
`2000 * 0.05 * 1` = $100

Therefore, Janet needs to pay an interest of $100 each year for 3 years.