Question

Jerry borrowed $8,000 for 5 years at 6.5% simple interest rate. How much interest is that?

Answer 1

The answer is $2600

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Answer 2

$ 2600

Explanation:

`p = 8000 \\ r = 6.5\% \\ t = 5 \: \: years`

`(prt)/(100) \\ = (8000 * 6.5 * 5)/(100) \\ = 2600`