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You borrow $1,000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?

You borrow $1,000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?
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You borrow $1,000 on a simple interest loan. You pay an annual rate of 3.5%. You will take 3 years to pay back the loan. How much interest will you pay?

User Msouth
by
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2 Answers

3 votes

Answer:

$105

Explanation:

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User Datwelk
by
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7 votes
3.5% of $1000 is $35 a year so $35 x 3 years is $105 interest you will pay in 3 years
User Commonpike
by
8.3k points
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