Question

thang decided to buy $2000 from his local bank to help pay for a car his loan was for 3 years at a simple interest rate of 8% how much interest will thang pay

Answer 1

Thang will pay his bank $480 in interest.

Explanation:

8% of 2000 is equal to

`2000 * 0.08 = 160`

160.

$160 over a period of 3 years is equal to

`160 * 3 = 480`

$480.