Question

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?

Answer 1

$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!

Answer 2

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

Explanation:

I=PRT

I=6000x0.07x9

I=3780