Question

Jose borrowed $20,000 dollars to buy a new speed boat. The interest rate on his loan was 5 percent. He will pay it back in three years. How much interest will he pay? What will be the total amount he'll pay for the boat including interest? PLEASE HELP :)

Answer 1

20,000 * .05 = 1,000 1,000 * 3 = 3,000 20,000 + 3,000 = 23,000 Hope This helps :)