Question

CAN YOU HELP ME???

Laura borrowed $105,000 at a rate of 6% simple interest for 12 years. How much interest will Laura pay?
Group of answer choices

$75,600

$37,800

$180,600

$256,200

Answer 1

Laura will pay an interest of $75,600.

Explanation:

Our formula: A = P(1 + rt)

Principal = $105,000

Rate = 6%

Time = 12 years

A (amount)= 105,000(1 + (0.06 × 12)) = 180,600

$180,600 - $105,000 = $75,600.