Find the total amount due on a simple-interest loan if the principal is $5,000 with a rate of 4% for 12 years.

Question

asked Feb 19, 2022 56.5k views

1 Answer

Hammythepig · Answer 1 · 2022-02-24T17:21:02+0000

Answer:

$7,400

Explanation:

Multiply 5000 by 0.04 so you know how much interest is for 1 year. Then multiply that number by 12. Then add that number to 5000.