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Ryan takes out a loan of $36,350 which earns 3% simple interest yearly. How much interest will he owe on the loan after 5 years?
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Ryan takes out a loan of $36,350 which earns 3% simple interest yearly. How much interest will he owe on the loan after 5 years?

User Breeden
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1 Answer

1 vote

Answer:

3% of 36,350 is 1090.5

1090.5 times 5 = 5,452.5

Therefore, Ryan will owe $5,452.5

User Artsince
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