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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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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?

User Manveru
by
8.2k points

1 Answer

8 votes

Answer:

$1350

Explanation:

Simple Interest = Deposit ×Rate/100×Time

SI=5000×9/100×3

=$1350

User Blagus
by
7.6k points
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