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HELP ME PLEASE Calculate the simple interest on a 12-month loan of $5,000 with a monthly interest rate of 3%.
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15 votes
HELP ME PLEASE

Calculate the simple interest on a 12-month loan of $5,000 with a
monthly interest rate of 3%.

User Evren
by
4.0k points

1 Answer

8 votes

Answer:

$1800

Explanation:

Interest in one month =3% =0.03

0.03x5000= $150 a month

150x12=$1800

User Jspurim
by
4.4k points
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