Question

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

Answer 1

$6655

Explanation:

I am assuming it is compound interest

$5,000 x 1.1^3 = $6655

Answer 2

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