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

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asked Nov 12, 2020 11.5k views

2 votes

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

Mathematics
middle-school

Scott Jibben asked

by Scott Jibben

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2 Answers

5 votes

Answer:

Interest: $450

Explanation:

Hint: I=prt

p=1200

r=9% or 0.09

t=time in years

1. 1200x0.09x5

2. 108x5

3. 450

Koren answered Nov 12, 2020

by Koren

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7 votes

Answer:

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

Louay Alakkad answered Nov 18, 2020

by Louay Alakkad

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