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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?
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3 votes
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?

User ProTom
by
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1 Answer

3 votes

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

User Ashish Lahoti
by
6.1k points
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