Question

Andrew has a four-year college loan for $20,000. The lender charges a simple interest rate of 5 percent. How much interest will he have to pay?

simple interest = P × r × t

Answer 1

Answer: For Plato users

Simple interest : p × r × t

$20,000 × 0.05 × 4

= 4,000 .

Explanation:

I just took the test .

Answer 2

 (20,000)x(4)x(5%) = 4,000