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How much interest is earned on a $5,000 loan at 10% interest for 3 years? 1. $1,500 2. $125 3. $150,000 4. $15,000
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4 votes
How much interest is earned on a $5,000 loan at 10% interest for 3 years?

1. $1,500
2. $125
3. $150,000
4. $15,000

User Murshid Ahmed
by
6.7k points

2 Answers

2 votes

Answer:

Total interest paid:$4,045.51

Total payments:$24,045.51

Explanation:

User Mailerdaimon
by
6.7k points
6 votes

Answer:

$1500

Explanation:

i=PRT

i=3000×0.1×5

Answer= 1500

User WeizhongTu
by
6.9k points
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