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Joe borrowed $2,000 from the bank at a rate of 7% simple interest per year. how much interest did he pay in 5 years?
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2 votes
Joe borrowed $2,000 from the bank at a rate of 7% simple interest per year. how much interest did he pay in 5 years?

User Jeannej
by
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2 Answers

6 votes
By the formula I=PRT/100
P=PRINC AMOUNT
R=RATE
T=TIME / ANUE (yrs)
Giving p=2000
R=7%
T=5yrs
Substitute the values in the above formula gives
(2000)+(7)+(5)/100=20.12
User Mojtaba Ghiasi
by
8.5k points
7 votes
7% of 2,000 is 140. sooooo
140 x 5= 700
User Cowboydan
by
8.2k points
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