Question

what's the answer! Consider having a personal loan that spans 5 years. The loan was only taken out for $6000, but the interest rate was a higher fixed percentage of 5.99%. How much interest will you have paid after it is paid off?

Answer 1

Answer: $179.70

Explanation:

The simple interest will be:

= (Principal × Rate × Time) / 100

= ($6000 × 5.99% × 5) / 10

= ($6000 × 0.0599 × 5) / 10

= $1797 / 10

= $179.70

Therefore, the total interest on the loan is $179.70