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A bank offers simple interest loans at an interest rate of 6% per year. How much interest will you pay if you borrow.$1,200 for 3 years?

A bank offers simple interest loans at an interest rate of 6% per year. How much interest will you pay if you borrow.$1,200 for 3 years?
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15 votes
A bank offers simple interest loans at an interest rate of 6% per year. How much interest will you pay if you borrow.$1,200 for 3 years?

User Nooshin
by
8.1k points

1 Answer

2 votes

Answer:

$216

Explanation:

6% of 1200 = 72

72x3=216

User Ahmad Labeeb
by
7.9k points
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