Question

Ron borrowed $30,000 to start up his consulting business. The loan at a simple interest rate of 6.9% for three years. Use the formula l = pet to find the amount of interest he will pay on the loan. I= interest, p = principal, r = rate (expressed as a decimal 0.069), t = time in years. He will pay $ on the loan?

Answer 1

He will pay $6,210 on the loan

Step-by-step explanation:

Given Formula