Question

Thang decided to borrow $7000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of 5%. How much interest will Thang pay

Answer 1

He will pay $1,050 interest

Explanation:

5% interest is paid every year for 3 years

5% * 3(years) = 15%

7000 * 15% = $1,050

$1,050