Question

3.) Jada takes out a loan for $6000 to start a business after hig

8% interest for the loan. After 5 years how much interest will be added?

Answer 1

$2,400

Explanation:

1) lets use the i=prt formula

where i=interest

p=principal

r=rate

t=time

the principal here is $6000(starting amount)

rate is 0.08

and time is 5

so

I=0.08*5*6000

I=2400

you will gain an interest of $2400