Question

If you borrow $5.93 for nine years at an interest rate of 6%, how much interest will you pay? In terms of simple interest.

Answer 1

$3.20

Explanation:

Using Simple Interest = (principal) * (rate) * (time), we get:

= 5.93 * 0.06 * 9

= $3.20

Hope this helps!

Answer 2

Answer: $3.20

Explanation:

SI = p *r * t

= 5.93 * 0.06 * 9

= 3.20