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Joe borrowed $6,000 from the bank at a rate of 7% simple interest in per year. how much interest did he pay in 9 years?

User Eric Ihli
by
8.2k points

2 Answers

2 votes

Answer :

$3,780

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 in per year. how-example-1
User Aleth
by
8.0k points
12 votes

Answer: Joe will have to pay $3780 in interest.

Explanation:

I=PRT

I=6000x0.07x9

I=3780

Joe borrowed $6,000 from the bank at a rate of 7% simple interest in per year. how-example-1
User Collin Thomas
by
7.9k points

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