Darwin borrows $3,000 at an interest rate of 4%. If he pay the loan back in 5 years, how much interest will he pay?

asked Aug 21, 2021 183k views

4 votes

Darwin borrows $3,000 at an

interest rate of 4%. If he pay the loan
back in 5 years, how much interest will
he pay?

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2 votes

Answer:

Interest = $600

Explanation:

Interest = principal x rate as decimal x time

Interest = 3,000 x 0.04 x 5

Interest = 600

GinjaNinja answered Aug 25, 2021

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