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Ms. Young acquired a loan of $40,000 at her local bank. The loan has a simple interest rate of 6% per year. What is the amount of interest that Ms. Young will be charged on the loan at the end of 5 years.
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Ms. Young acquired a loan of $40,000 at her local bank. The loan has a simple interest rate of 6% per year. What is the amount of interest that Ms. Young will be charged on the loan at the end of 5 years.

User Muarl
by
8.9k points

1 Answer

7 votes

Answer:

12.000

Explanation:

40000x6= 240000/100= 2400x5

User Elliot Schrock
by
8.1k points
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