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Joe borrowed $6,000 from the bank at a rate of 7% simple interest per year. How much interest did he pay in 3 years?

User Sandaru
by
8.5k points

2 Answers

5 votes

Answer:

$1,260

Explanation:

So first of all you want to start by finding what P, r and t would be.

P = Principal amount ($$)

r = interest rate (%)

t = time (years)

Once I found all of those I put them into the equation (l = Prt) and solved (by putting it into a calculator obviously). That is how I came up with my answer. Check the screenshot provided to see what P, r and t would be and to see all my work! :)

Hope this helps! :)

Have a great day!

Joe borrowed $6,000 from the bank at a rate of 7% simple interest per year. How much-example-1
User Steve Miskovetz
by
8.7k points
6 votes

Answer:

$19,260

Explanation:

6,000 * 7% = 420

6,000 + 420 = 6,420

6,420 * 3 = 19,260

easy

User Cyrus Dsouza
by
9.1k points

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