How much interest is earned on a $5,000 loan at 10% interest for 3 years? please help

asked Sep 11, 2023 93.1k views

18 votes

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9 votes

Answer:

$6655

Explanation:

I am assuming it is compound interest

$5,000 x 1.1^3 = $6655

Nick Fisher answered Sep 11, 2023

7.2k points

8 votes

10% of $5,000 is 500, therefore you would do 500 x 3, which gives you your answer of $1,500.

Mojoken answered Sep 15, 2023

6.4k points

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