Register
You are given a loan from the bank for $1,000. The bank charges you simple interest at an annual rate of 4%. Choose the correct equation below that shows how much interest you will pay if the loan is for
158k views
1 vote
You are given a loan from the bank for $1,000. The bank charges you simple interest at an annual rate of 4%. Choose the correct equation below that shows how much interest you will pay if the loan is for 3 years.

User Kalec
by
8.5k points

1 Answer

4 votes
You will pay an interest of $120 for the three years of interest

4% of 1000 is 40
So for 3 years he would pay 40x3=120
All together he would have to pay 1120
User Geoffrey Bachelet
by
8.5k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Link Copied!