Question

Ron borrowed $20,000 to start up his consulting business. The loan had a simple interest rate of 66% for 4 years. Use the formula 1 prt to find the amount of interest he will pay on the loan interest, pprincipal, r = rate (expressed as a decimal 0.066), a time in years He will pay on the loan

Answer 1

In your question I'm assuming you meant to put 6.6% and not 66% because of the decimal you wanted us to use so I used the 0.066 in the formula. All my work is provided in the screen shot that will be attached to my answer! Check that out to see how I got my answer! :)

Have a great day!

Answer 2

`I=`52800$

Explanation:

Use the simple interest formula:

`SimpleInterest=I=PV*r*t`

Where:

`PV=Amount-of-money-borrowed`

`r=interest-rate`

`t=time(in-years)`

Using the data provide:

`I=20,000*0.66*4=`52800$