Register

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?

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?
16.9k views
0 votes
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
8.0k points

2 Answers

1 vote
Total interest=principal*interest rate*time,,,
I=prt
I=7000*0.08*3=??
User Charlax
by
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
by
7.7k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!