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Thang decided to borrow ​$7000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of 8​%. How much interest will Thang​ pay?
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Thang decided to borrow ​$7000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of 8​%. How much interest will Thang​ pay?

User Cyber
by
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2 Answers

1 vote
Total interest=principal*interest rate*time,,,
I=prt
I=7000*0.08*3=??
User Charlax
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8.1k points
4 votes
You need to find 24% of $7000 because that's the total interest over the course of 3 years. The answer is $1680

User Saamorim
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7.7k points
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