Question

Andrew borrowed $700 from the bank to start a pressure washing business. The bank charged a simple interest rate of 7% per year. If it takes Andrew 3 years to pay back the loan, how much interest will he pay?

PLZ MAKE SURE IT IS RIGHT

Answer 1

Simple interest=(Principal×Rate×Time)/100

Principal=$700

Rate=7%

Time=3 years

S.I.=(700×7×3)/100=147

Andrew has to pay a interest of $147.