Question

Thang decided to borrow ​$2000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of 7%

Answer 1

Thang will pay $300 as interest

Explanation:

T = 3 years

P = $2000

R = 5%

Therefore

I = (2000 × 5 × 3)/100

I = 30000/100

I = $300