Question

Thang decided to borrow ​$5000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of ​8%. How much interest will Thang​ pay?

(this is for my friend)

Answer 1

$1,200

Explanation:

For simple interest, the formula is I=Prt

P = principal

r = rate in decimal form

t = time in years

I = (5000)(0.08)(3)

I = $1,200