Thang decided to borrow $5000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of 9%. How much interest will Thang pay?

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asked Oct 5, 2023 200k views

13 votes

Thang decided to borrow $5000 from his local bank to help pay for a car. His loan was for 3 years at a simple interest rate of 9%. How much interest will Thang pay?

Mathematics
high-school

Manveru asked

by Manveru

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1 Answer

8 votes

Answer:

$1350

Explanation:

Simple Interest = Deposit ×Rate/100×Time

SI=5000×9/100×3

=$1350

Blagus answered Oct 11, 2023

by Blagus

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