Question

Solve the problem.

If $13,000 is borrowed at 5.8% simple interest for 10 years, how much interest will be paid for the loan?​

Answer 1

Interest =$7540

Explanation:

p=$13000

r=5.8%

t=10yrs

i=p*r*t/100

=13000*5.8*10/1000

=130*58

= $7540