Find the simple interest Jay owes on a five-year student loan of $48,000 with an annual interest rate of 5%. $2,400 $60,000 $120,000 $12,00

asked Apr 20, 2017 107k views

2 votes

Find the simple interest Jay owes on a five-year student loan of $48,000 with an annual interest rate of 5%.

$2,400
$60,000
$120,000
$12,00

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5 votes

Use the equation I=prt where interest = principal times rate times time.

Fill it out, it becomes I= 48000(.05)(5)

I= 12000

Sean Clark answered Apr 24, 2017

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