Question

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

Answer 1

Total interest paid:$4,045.51

Total payments:$24,045.51

Explanation:

Answer 2

$1500

Explanation:

i=PRT

i=3000×0.1×5

Answer= 1500