Question

3) Kelsey takes out a loan for $6000 to start a business after high school. The bank

charges her 8% interest for the loan. After 5 years how much interest will be added
on to the loan?

Answer 1

$2400

Explanation:

SIMPLE INTEREST = (P × T × R)/100

= (6000 × 5 × 8)/100

= 2400