Question

Sam has a loan for $1200 at a rate of 9% annually. How much interest will he pay in 5 years?

Answer 1

Interest: $450

Explanation:

Hint: I=prt

p=1200

r=9% or 0.09

t=time in years

1. 1200x0.09x5

2. 108x5

3. 450

Answer 2

Sam will pay $540 as intrest of $1200 @of9% annually in 5 years.