Question

3) Find the simple interest.

Rafael borrowed $12,000 at 6% interest to be paid back in 7 years. How much interest will that cost him?
Please help asap

Answer 1

Explanation:

Simple interest = prt÷100

Here,

Principle = 12000

Rate = 6

Time = 7

So to find the simple interest,

You just apply the formula.

`(p * r * t)/(100) = (12000 * 6 * 7)/(100) = 5040`

Interest = 5040