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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asked Apr 27, 2017 16.9k views

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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?

Mathematics
high-school

Cyber asked

by Cyber

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Total interest=principal*interest rate*time,,,
I=prt
I=7000*0.08*3=??

Charlax answered Apr 28, 2017

by Charlax

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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

Saamorim answered May 4, 2017

by Saamorim

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