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Paid $5,000 in principal and $300 in interest expense on long-term debt.

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Final answer:

The total amount of interest from a $5,000 loan after three years with a 6% interest rate would be $900.

Step-by-step explanation:

To find the total amount of interest on a loan, you can use the formula: Interest = Principal × Rate × Time. In this case, the principal is $5,000 and the time is 3 years.

Given that the interest rate is 6%, you can substitute the values into the formula: Interest = $5,000 × 0.06 × 3.

Calculating the interest, we get: Interest = $900. So, the total amount of interest from a $5,000 loan after three years with a simple interest rate of 6% would be $900.

User Augustin Riedinger
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