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Joe borrowed $3,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 5 years?
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5 votes
Joe borrowed $3,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 5 years?

User Harish Rachakonda
by
3.3k points

1 Answer

1 vote

Answer:

$1050

Explanation:

Simple interest =P*R*T/100,

substituting the values:

3000*7*5/100= 1050.

therefore Simple interest = $1050

User Sschoof
by
3.7k points
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