Calculate the amount of simple interest you would pay on a loan of $20,000 at a rate of 5.6% per annum for three years?

Question

asked Nov 28, 2022 159k views

1 Answer

Ashish Lahoti · Answer 1 · 2022-12-03T18:38:33+0000

Answer:

3360

Explanation:

simple interest=principle*rate*time/100

simple interest=20000*5.6*3/100

simple interest= 200*5.6*3

simple interest = 3360